Price Target Changed • Apr 28
Price target decreased by 21% to AU$0.82 Down from AU$1.05, the current price target is an average from 2 analysts. New target price is 70% above last closing price of AU$0.48. Stock is up 73% over the past year. The company is forecast to post a net loss per share of AU$0.038 next year compared to a net loss per share of AU$0.037 last year. New Risk • Mar 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$16m free cash flow). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (AU$121.5m market cap, or US$84.6m). New Risk • Mar 06
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$16m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$16m free cash flow). Revenue is less than US$1m (AU$15k revenue, or US$10k). Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (AU$131.2m market cap, or US$92.0m). Price Target Changed • Jan 09
Price target increased by 12% to AU$0.88 Up from AU$0.78, the current price target is an average from 2 analysts. New target price is 62% above last closing price of AU$0.54. Stock is up 44% over the past year. The company is forecast to post a net loss per share of AU$0.039 next year compared to a net loss per share of AU$0.037 last year. Price Target Changed • Dec 05
Price target decreased by 9.9% to AU$0.73 Down from AU$0.81, the current price target is an average from 2 analysts. New target price is 76% above last closing price of AU$0.41. Stock is up 14% over the past year. The company is forecast to post a net loss per share of AU$0.041 next year compared to a net loss per share of AU$0.037 last year. Announcement • Oct 29
Carnaby Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 12.5 million. Carnaby Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 12.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 37,878,788
Price\Range: AUD 0.33
Transaction Features: Subsequent Direct Listing Announcement • Oct 15
Carnaby Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 12.5 million. Carnaby Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 12.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 37,878,788
Price\Range: AUD 0.33
Transaction Features: Subsequent Direct Listing Announcement • Oct 07
Carnaby Resources Limited, Annual General Meeting, Nov 25, 2025 Carnaby Resources Limited, Annual General Meeting, Nov 25, 2025. New Risk • Sep 27
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$12m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$12m free cash flow). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (AU$535k revenue, or US$350k). Minor Risk Market cap is less than US$100m (AU$82.2m market cap, or US$53.9m). Announcement • Aug 19
Carnaby Resources Limited (ASX:CNB) completed the acquisition of Trekelano copper gold deposit from Chinova Resources Osborne Pty. Ltd. for AUD 8.7 million. Carnaby Resources Limited (ASX:CNB) entered into a binding term sheet agreement to acquire Trekelano copper gold deposit from Chinova Resources Osborne Pty. Ltd. for AUD 9 million on November 28, 2024. The transaction will be financed through equity investment of AUD 17 million. The transaction is subject to approval of Queensland Department of Resources and Queensland Department of Environment, Science and Innovation.
Carnaby Resources Limited (ASX:CNB) completed the acquisition of Trekelano copper gold deposit from Chinova Resources Osborne Pty. Ltd. on August 19, 2025. The purchase price had adjusted to AUD 8.7 million. Breakeven Date Change • Jul 03
No longer forecast to breakeven The 2 analysts covering Carnaby Resources no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of AU$22.7m in 2027. New consensus forecast suggests the company will make a loss of AU$1.35m in 2027. New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$84.5m market cap, or US$54.4m). Breakeven Date Change • May 12
No longer forecast to breakeven The 2 analysts covering Carnaby Resources no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of AU$23.0m in 2027. New consensus forecast suggests the company will make a loss of AU$23.0m in 2027. Price Target Changed • Mar 13
Price target decreased by 17% to AU$0.72 Down from AU$0.87, the current price target is an average from 2 analysts. New target price is 142% above last closing price of AU$0.30. Stock is down 43% over the past year. The company is forecast to post a net loss per share of AU$0.066 next year compared to a net loss per share of AU$0.074 last year. Announcement • Feb 06
Carnaby Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 17.5 million. Carnaby Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 17.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,984,310
Price\Range: AUD 0.31
Discount Per Security: AUD 0.0155
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,467,303
Price\Range: AUD 0.31
Transaction Features: Subsequent Direct Listing New Risk • Feb 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$78.4m market cap, or US$48.7m). Breakeven Date Change • Oct 18
Forecast to breakeven in 2027 The analyst covering Carnaby Resources expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$20.2m in 2027. Average annual earnings growth of 63% is required to achieve expected profit on schedule. Announcement • Oct 03
Carnaby Resources Limited, Annual General Meeting, Nov 21, 2024 Carnaby Resources Limited, Annual General Meeting, Nov 21, 2024. Board Change • Sep 23
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Paul Payne was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Sep 20
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$17m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$17m free cash flow). Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. Revenue is less than US$1m (AU$832k revenue, or US$567k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$14m net loss in 2 years). Shareholders have been diluted in the past year (5.6% increase in shares outstanding). Market cap is less than US$100m (AU$64.5m market cap, or US$43.9m). Price Target Changed • Jun 21
Price target decreased by 9.1% to AU$1.00 Down from AU$1.10, the current price target is provided by 1 analyst. New target price is 79% above last closing price of AU$0.56. Stock is down 45% over the past year. The company is forecast to post a net loss per share of AU$0.089 next year compared to a net loss per share of AU$0.083 last year. New Risk • May 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$25m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (6.1% increase in shares outstanding). Market cap is less than US$100m (AU$108.3m market cap, or US$71.9m). Price Target Changed • May 25
Price target increased by 14% to AU$1.25 Up from AU$1.10, the current price target is provided by 1 analyst. New target price is 58% above last closing price of AU$0.79. Stock is down 30% over the past year. The company is forecast to post a net loss per share of AU$0.091 next year compared to a net loss per share of AU$0.083 last year. New Risk • May 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$17m net loss in 2 years). Shareholders have been diluted in the past year (6.1% increase in shares outstanding). Market cap is less than US$100m (AU$147.9m market cap, or US$98.6m). New Risk • Mar 08
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: AU$15m Forecast net loss in 2 years: AU$16m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$308k revenue, or US$204k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$16m net loss in 2 years). Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (AU$75.7m market cap, or US$50.1m). Announcement • Sep 20
Carnaby Resources Limited, Annual General Meeting, Nov 08, 2023 Carnaby Resources Limited, Annual General Meeting, Nov 08, 2023. New Risk • Sep 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$13m free cash flow). Earnings are forecast to decline by an average of 52% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (AU$28m net loss in 2 years). Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (AU$156.2m market cap, or US$99.6m). Announcement • May 08
Carnaby Resources Limited Appoints Steven Bowler as Joint Company Secretary Carnaby Resources Limited announced that effective immediately Mr. Steven Bowler has been appointed as Joint Company Secretary of the Company alongside current Company Secretary and Non-Executive Director, Mr. Greg Barrett. Mr. Bowler has held the position of Accountant and Commercial Manager since 2020 and will be jointly responsible for communication with ASX in relation to Listing Rule matters under ASX Listing Rule 12.6, effective immediately. Announcement • Feb 16
Carnaby Resources Limited Announces Ministerial Approval of Mount Hope Boundary Resolution Carnaby Resources Limited announced it has been notified by the Queensland Government Department of Resources Mineral Assessment Hub, that its final view and recommendation regarding the actual boundary location of the 100% owned Mount Hope Mining Lease (ML 90240) has been approved by the Minister. A drill out of the highly exciting Mount Hope Central Prospect will commence immediately, where results up to 39m @ 5.2% Cu, 0.5g/t Au have recently been reported. A planned 40,000m of exploration drilling has commenced and will be split between exploration, targeting exceptional IP chargeability anomalies and direct step out drilling along the Nil Desperandum to Mount Hope corridor, and commencement of an infill drilling program to prove up a maiden mineral resource which will be reported in Second Quarter 2023. The Queensland Department of Resources concisely and clearly stated the reasons for their determination as follows: the boundaries of ML 90240 have been more accurately worked out and described by surveyed position of former ML 5421 and should be varied under section 295(1)(a) of the Mineral Resources Act 1989 (the MRA). A cadastral survey of former ML 5421 has previously been completed in 1984 (MP 40712) and the location of ML 5421 on the ground is not in question. The intent of the original application for ML 90240 clearly stated the intent to abut and exclude the area of ML 5421. The Certificate of Application (COA) was issued for ML 90240 under former section 252 of the MRA on 2 June 2015. Issue of the COA demonstrates compliance with the MRA in respect to the application requirements, therefore the application and subsequent grant are deemed to be valid. The boundaries and area of ML 90240 have been more accurately described by the most recent Identification Survey of Former ML 5421 dated 1 July 2022 (MP 44247). Recent Insider Transactions Derivative • Feb 15
MD & Executive Director exercised options and sold AU$350k worth of stock On the 10th of February, Robert Watkins exercised 500k options at a strike price of around AU$0.45 and sold these shares for an average price of AU$1.15 per share. This trade did not impact their existing holding. For the year to June 2019, Robert's total compensation was 67% salary and 33% non-salary. Since June 2022, Robert has owned 6.84m shares directly. Company insiders have collectively sold AU$3.0m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Feb 04
Carnaby Resources Limited Announces Further Drill Results from the Greater Duchess Copper Gold Project in Mt Isa, Queensland The three holes MHRC022, MHRC054 and MHRC056 were drilled on section to the IP anomaly with only MHRC022 intersecting copper sulphide mineralisation of 5m @ 0.4% Cu, 0.02g/t Au from 41m and 5m @ 0.3% Cu, 0.03g/t Au from 180m. The deepest hole drilled, MHRC054 intersected an intensely altered felsic /quartzite unit in the bottom of the hole. Preliminary 3D geological modelling suggests the Mount Hope North mineralised fault structures are yet to be intersected in the drill holes completed to date. A diamond tail will shortly be completed on MHRC054 to test the fault structure extension and gain important structural information on fault and lithology orientations at the Gap target. The Gap IP anomaly remains a highly prospective target and persistence is required until the source of the IP chargeability anomaly is explained as potential mineralised structures could easily be located off section and in a different orientation. At the end of 2022, a total of six shallow RC holes were completed at the Burke & Wills Prospect targeting the southern extension of the outcropping turn of the century shallow workings which disappear under shallow alluvial cover to the south. The new results include the highest grade intersection yet to be drilled at Burke & Wills with approximate true width results of 6.7% Cu and 1.2g/t Au intersected over 6m from 77m in hole BWRC030. Other results include the southern most hole drilled to date which intersected 5m @ 3.7% Cu, 0.5g/t Au from 80m in BWRC029. The Burke & Wills mineralisation forms a very consistent high grade, linear fault zone which dips moderately to the east. High grade shallow drill results have been intersected over a strike length of 260m to date and mineralisation remains completely open along strike to the north and south, and at depth. Carnaby plans to continue step out drilling along strike and at depth to quantify the magnitude of the mineralisation intersected to date and incorporate it into a maiden mineral resource. Results from Burke & Wills Prospect are summarised below; BWRC030 6m @ 6.7% Cu, 1.2g/t Au from 77m Including 4m @ 9.7% Cu, 1.7g/t Au from 77m BWRC029 5m @ 3.7% Cu, 0.5g/t Au from 80m Including 3m @ 5.8% Cu, 0.7g/t Au from 80m. Announcement • Nov 16
Carnaby Resources Limited Announces Further Exceptional Drill Results from the Mount Hope Prospect at the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited announced further exceptional drill results from the Mount Hope Prospect at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Mount Hope Central continues to grow in size and grade with ongoing drilling. The copper gold mineralisation is focussed on a core zone which appears to be the confluence of two major mineralised structures. Continuous wide and high-grade drill results have been defined over a combined strike length of approximately 200m. Portable XRF readings of 1m intervals in RC holes are taken through the calico sample bag or through the green plastic residue sample bag. Comparison of previous pXRF readings against laboratory assay results from Mount Hope indicate that the pXRF readings under-report the actual assay copper grades by an average of 30% when taken through calico bags and by an average of 60% when taken through green plastic bags. The mineralisation discovered at Mount Hope to date extends close to the mining lease boundary at several locations. The exact location of the mining lease boundary is currently being evaluated by the Queensland Department of Minerals as part of a normal process and may therefore be subject to small scale boundary changes. Outstanding drill results have been received from MHDD045. Multiple zones of mineralisation were recorded and represent the widest and highest grades yet intersected throughout the Greater Duchess Copper Gold Project and are completely open at depth. A high-grade core zone of plus 3% copper is characterised by high tenor copper mineral species such as chalcocite and chalcopyrite hosted within an intensely milled quartz breccia (see photos below). The presence of significant breccia and matrix infill chalcocite may represent a newly identified high grade hypogene style mineralisation. The diamond core tail extending the MHDD045 mineralisation is the first core hole completed at Mount Hope Central. Of note is the quartz breccia lode host, which has previously been thought to be a quartz vein, appears to be a strongly altered and deformed felsic intrusion. Further detailed logging and petrological studies are required to confirm this interpretation. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Peter Bowler was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 07
Carnaby Resources Limited Announces Excellent Metallurgical Results - Greater Duchess Project Carnaby Resources Limited announced excellent initial metallurgical test work results from the Nil Desperandum and Lady Fanny copper gold discoveries at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Highlights: Excellent copper recoveries of 98 to 99%; Nil Desperandum Composite 97.7% to 99.1%, Lady Fanny Composite 99.0% to 99.4%. High gold recoveries of 80 to 89%; Nil Desperandum Composite 80.1% to 87.2%, Lady Fanny Composite 82.9% to 88.7%. Excellent kinetics at 150 and 75 micron; >90% of copper floated in less than 2 minutes, >98% of copper floated within 7 minutes. Extremely clean copper gold concentrate; No material deleterious elements detected. Recleaner concentrate grades of; 23.2% copper concentrate at 98% copper recovery from the Nil Desperandum composite, 17.3% copper concentrate at 99% copper recovery from the Lady Fanny composite. Initial test work has highlighted further concentrate improvements likely by increasing pH and using a selective copper sulphide collector. Australian Minmet Metallurgical Laboratories (AMML) was contracted by Carnaby to complete the first pass flotation study on two composites, one 31 kg sample (LMFT001) from Lady Fanny diamond core and a 43 kg composite (NDMT001) from Nil Desperandum diamond core. A head sample was riffle split from one of the portions, pulverised and sent to ALS in Brisbane for chemical analysis. Flotation was completed at the two different grind sizes, utilizing PAX as the collector and MIBC as the frother. The collector was stage added with an initial dose of 40 g/t, floated for 2 minutes (two separate concentrates), a subsequent 20 g/t PAX was dosed and floated for a further 5 minutes before a final 20 g/t of PAX was added and then floated for a further 10 minutes. The kinetic results of the rougher tests at 150 and 75 micron. The copper minerals floated quickly with greater than 90% of the copper having floated in the first two minutes (first two staged concentrates). The finer grind size at a P80 of 75 micron had a very marginally quicker float response compared to that of the 150 micron. The next stage with a total flotation time of 7 minutes brought the recovery up to ~ 99% copper for both samples. The preliminary test work results are considered to be very encouraging. Additional recommendations in future test work to improve concentrate product grades include flotation with a selective copper sulphide collector (IPET) and utilising an elevated pH (roughing and/or cleaning) to reduce the flotation of iron sulphides. The metallurgical test work completed and reported represents only the first scoping level stage. More extensive metallurgical studies will be completed in the future. The samples selected for the flotation test work are considered to represent a core fresh rock section through each deposit, without being an extensive sampling program through the whole deposit. No oxide or transitional metallurgical testing was completed in the first pass metallurgical analysis because the oxide /transitional at both Nil Desperandum and Lady Fanny is very shallow (~10m) and is considered to form only a minor amount of a future Mineral Resource with the bulk of mineralisation hosted in fresh rock. Future studies will also test oxide and transition characteristics. Announcement • Oct 13
Carnaby Resources Limited Announces Further Exceptional Drill Results from the Mount Hope Prospect at the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited announced further exceptional drill results from the Mount Hope Prospect at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Mount Hope Central Prospect: MHRC029 drill results of; 60m @ 3.1% Cu, 0.4 g/t Au from 107m; Within 101m @ 1.9% Cu, 0.3 g/t Au from 90m. MHRC045 portable XRF results of; 16m @ 7.6% Copper from 161m Within 19m @ 6.4% Copper from 158m to Bottom of Hole (last metre 7.6% Copper). MHRC007 drill results of; 49m @ 1.3% Cu, 0.1 g/t Au from 69m including 19m @ 2.1% Cu, 0.2 g/t Au from 72m. MHDD024 drill results of; 24m @ 1.8% Cu, 0.3 g/t Au from 276m to bottom of pre-collar (last metre 3.8% copper). Results are pending from a further 14m of strong mineralised core tail. Systematic grid based drill out of the Mount Hope Central pit on a nominal 40m x 40m spacing has initially defined a >200m strike of continuous wide and high grade copper mineralisation beneath the shallow historical open pit. The open pit was mined in the late 1960's to early 1970's to a maximum depth of ~35m and remarkably has no publicly available records of any previous historical drilling. The drilling to date has defined a steeply dipping quartz copper sulphide (chalcopyrite- chalcocite) vein lode style mineralisation which is strongly structurally controlled by brittle fault networks. Preliminary interpretation of the mineralisation is that it appears to be favourably located within an extensive and wide quartz vein host unit emplaced prior to the overprinting copper sulphide mineralisation, utilising the quartz vein as a brittle and favourable host. Announcement • Oct 06
Carnaby Resources Limited, Annual General Meeting, Nov 24, 2022 Carnaby Resources Limited, Annual General Meeting, Nov 24, 2022. Announcement • Sep 28
Carnaby Resources Limited Announces Further Exceptional Drill Results from Mount Hope Prospect At Greater Duchess Copper Gold Project in Mt Isa Carnaby Resources Limited announced further exceptional drill results from the Mount Hope Prospect at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Exploration at the Greater Duchess Copper Gold Project is currently focussed on the Mount Hope Prospect where the new results announced now point to a very significant discovery. The Mount Hope historical open pits were mined in the late 1960's and early 1970's to a maximum depth of approximately 35m and were processed in Mt Isa as a quartz flux with copper credits. Very limited historical records are available however production of 322,000t @ 1.9% copper has been recorded Remarkably there is no record of any historical drilling at Mount Hope, presumably due to the area being mostly held as privately owned mining leases. RC drilling beneath the historical Mount Hope Central Prospect has unearthed a continuous mineralised quartz-copper sulphide zone in excess of 200m strike length and completely open. The mineralisation is hosted in a steeply dipping quartz vein lode structure which strikes ESE and intersects another steeply dipping NE striking lode. The intersection of these lode structures appears to have developed into a very broad and high-grade core zone which remains completely open at depth. Detailed mapping prior to drilling has highlighted a strong structural control to the mineralisation. The quartz-copper sulphide lode mineralisation intersected in drilling to date is of a transitional nature, whereby chalcopyrite is commonly partially oxidised but remains present throughout the mineralised zones. Oxide minerals are yet to be confidently identified but include minor malachite. Carnaby has just acquired a portable XRF machine after a long ~6 month wait due to off the shelf availability delays. Due to the ongoing assay delays from slow laboratory turnaround, Carnaby now intends to systematically release pXRF results where possible to replace the visual sulphide logs as preliminary indications of copper grades prior to receiving assay results. The first outstanding series of pXRF results are presented below where indicated. It is advised that the pXRF results are not definitive and act only as a guide to actual laboratory assay results which will be received and released at a later date. It should be noted that pXRF results are taken through green plastic bags from the individual meter residues. Further correlation studies need to be completed however early indications suggest actual Assay grades can exceed pXRF readings by up to 30%. MHRC003 MHRC003 was drilled to target the ESE striking lode directly beneath the Mount Hope Central historical open pit. Drilling difficulties forced the hole to be terminated prematurely at 90m depth ending in mineralisation with the bottom of hole composite result returning 2.4% copper. The mineralisation in MHRC003 consists of a transitional sulphide zone of quartz-chalcopyrite- pyrite vein style mineralisation which is partially to strongly oxidised in places but with copper sulphides visible throughout the mineralised zone. MHRC029 was drilled directly beneath MHRC003 in an attempt to drill across the true width of the mineralised zone. MHRC029 intersected a highly encouraging 65m downhole zone of transitional quartz copper sulphide mineralisation. Copper sulphides are present throughout the intersection with some oxidation present mostly in the form of oxide coating on primary chalcopyrite. The mineralised zone in MHRC029 remains completely open at depth and is being followed up with step out extension drilling. Laboratory assay results are pending however pXRF analysis of individual meter residue bags from the mineralised zone have returned a preliminary intersection of; it should be noted that pXRF results have been taken through green plastic bags and that actual Assay grades can exceed pXRF readings by up to 30% . Reported Earnings • Sep 28
Full year 2022 earnings released: AU$0.064 loss per share (vs AU$0.003 profit in FY 2021) Full year 2022 results: AU$0.064 loss per share (down from AU$0.003 profit in FY 2021). Net loss: AU$8.22m (down AU$8.59m from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 90% per year, which means it is well ahead of earnings. Announcement • Sep 07
Carnaby Resources Limited Announces Copper Gold Discovery At Mount Hope and an Exploration Update for the Greater Duchess Copper Gold Project Carnaby Resources Limited announced a copper gold discovery at Mount Hope and an exploration update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Greater Duchess Copper Gold Project: Exploration at the Greater Duchess Copper Gold Project is currently focussed on the Mount Hope Prospect where a new, very significant discovery has been made. The Mount Hope discovery is the third significant discovery by Carnaby since it first announced the Nil Desperandum discovery in December 2021. Mount Hope is located within a greater than 10km long structurally controlled IOCG corridor where IP geophysics is leading the way in vectoring directly to copper gold sulphide mineralisation. The potential for additional discoveries along the corridor is considered to be very high given the magnitude of the new IP anomalies that are yet to be drilled at Shamrock, Lady Don and Lady Fanny North Prospects. Mount Hope North Prospect (Cnb 100%): The controls and host of the copper gold mineralisation at Mount Hope North is at a very early level of understanding due to the lack of publicly available records of any previous historical drilling and lack of exposure within the historical open pits that were mined in the late 1960's to early 1970's. Preliminary observations from the first diamond tail indicate that the broad copper gold mineralisation intersected in MHRC025 and MHDD024 occurs as quartz chalcopyrite vein and disseminated style overprinting an intensely silicified intrusion contact, which grades into an intensely potassic altered intrusion. The first three drill results have been received from Mount Hope North confirming a very significant discovery. MHRC025: Results have been received from RC drill hole MHRC025 which intersected a 75m downhole zone of strong quartz copper sulphide mineralisation. Assay results from MHRC025 have outlined a very broad and high-grade zone of; MHRC025: 75m at 1.7% copper, 0.2 g/t gold from 221m Including 53m at 1.9% copper, 0.2 g/t gold from 221m. The mineralisation in MHRC025 consists of quartz-chalcopyrite-pyrite vein style mineralization associated with a steeply southeast dipping vein structure intersecting with an intensely altered intrusion. The result in MHRC025 is completely open and undrilled to the north and at depth with results pending from up dip holes. Drilling is about to be completed to the north of MHRC025 which will test whether the quartz copper sulphide mineralisation intersected in MHRC025 is in fact the down plunge extension of the Mount Hope North open pit. MHDD024: MHDD024 was collared 20m northeast of the strong L10240 IP chargeability anomaly. As reported on 18 August 2022, the hole intersected two zones of strong quartz copper sulphide mineralisation which were intersected over 8m and 24m intervals to bottom of hole which ended in strong copper sulphide mineralisation at 300m (Results Pending). MHDD024 was extended with a diamond core tail and intersected a further 14m of quartz copper sulphide mineralisation including a ~0.6m vein with semi massive to massive copper sulphide (chalcopyrite) mineralisation (Results Pending). The total copper sulphide mineralised zone intersected in MHDD024 is a 38m downhole intersection (Results Pending). MHRC023: Results have been received from the first hole at Mount Hope North drilled approximately 20m south of a large IP chargeability anomaly. Results include; MHRC023: 13m at 1.0% copper, 0.03 g/t gold from 188m Including 6m at 1.5% copper, 0.1 g/t gold from 195m. The result in MHRC023 is interpreted to be from a hanging wall vein structure also intersected in MHDD024 from 181 to 189m but not from the main mineralised structure intersected lower down the hole in MHDD024 to the north. MHRC023 did intersect quartz veining with minor copper sulphide at the bottom of hole which is currently being targeted with a diamond tail. MHRC030: MHRC030 was drilled on the western edge of the Mount Hope North historical open pit and intersected minor quartz copper sulphide mineralization. Mount Hope Central Prospect (CNB 100%): RC drilling at Mount Hope has also intersected very significant broad zones of quartz copper sulphide mineralisation at the Mount Hope Central Prospect with further drilling in progress and results pending. To date, only the first two drill hole results have been received from the Mount Hope Central Prospect from the shallower eastern edge of the historical open pit. Both holes intersected significant copper gold mineralisation. MHRC007: MHRC007 has intersected a 46m downhole intersection of strong quartz copper sulphide mineralisation (Results Pending). The mineralisation in MHRC007 is directly beneath the historical open pit commencing approximately 40m below the pit floor workings. Nil Desperandum Prospect (CNB 82.5%, DCX 17.5%): Recent drilling at Nil Desperandum has been dually focussed on extending the main breccia shoot down plunge to the southwest and resource definition type drilling of lateral peripheral extensions of the edges of the breccia shoot. Results have been received from NLDD114 which intersected 19m at 0.9% copper, 0.4 g/t gold from 532.5m. The Nil Desperandum breccia shoot remains open at depth down plunge to the southwest and downhole EM is planned as well as additional drilling. Announcement • Aug 19
Carnaby Resources Limited Announces Exploration Update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited announced an exploration update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland. First pass RC drilling at Mount Hope has intersected a 75m downhole intersection of quartz copper sulphide vein in MHRC025 (RESULTS PENDING). Major drilling program continues. Highly encouraging, undrilled strong IP chargeability anomaly over greater than 1.2 km strike generated north of Lady Fanny. Strong IP chargeability anomaly generated at the new Lady Don Prospect located 700m NE and along strike from Nil Desperandum. Exploration at the Greater Duchess Copper Gold Project is continuing apace with highly encouraging visual copper sulphide vein intersections from first pass drilling at Mount Hope and exceptional new Induced Polarisation (IP) chargeability anomalies generated at Lady Fanny North and Lady Don Prospects. Reverse Circulation (RC) drilling at Mount Hope North targeting IP chargeability anomalies below the historical open pit has continued to intersect highly encouraging quartz copper sulphide mineralisation over considerable widths, with results pending from all ten holes drilled at Mount Hope North. Announcement • Jul 29
Carnaby Resources Limited Announces an Exploration Update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited announced an exploration update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland. The first hole drilled into the large Induced Polarization (IP) chargeability inversion anomaly has intersected a 12m down hole copper sulphide quartz vein from 189m to 201m in MHRC023. The copper sulphide vein mineralization is almost certainly the source of the large associated IP anomaly. Results are pending. The orientation of the copper sulphide vein is not yet known due to the complete lack of any other historical drilling at Mount Hope, however it is likely to be linked to the main copper sulphide vein mined in the Mount Hope North open pit. The copper sulphide quartz vein intersected in MHRC023 is approximately 200m down dip from the surface vein mined in the Mount Hope North open pit. MHRC023 was drilled approximately 20m off section to the southwest of the IP anomaly. Further drilling is planned to test immediately northeast of the IP anomaly which is closer to the main historical open pit workings. Extensive additional drilling is underway throughout the Mount Hope mining lease to test the other IP anomalies and to define the extents and orientation of the copper mineralization intersected in drilling to date. MHRC011 was drilled directly under the western arm of the Mount Hope North open pit. The hole intersected a very encouraging 21m down hole intersection from 35m to 56m of strongly oxidized quartz iron oxide veining with preserved transitional copper sulphides present, results pending. The vein intersected is almost certainly the continuation of the mineralization mined in the shallow historical open pit at Mount Hope North which was mined to a maximum depth of approximately 30m. MHRC019 MHRC019 was drilled at the southwest end of the Mount Hope North open pit targeting an IP anomaly (Figure 2). The hole intersected a 3m and 4m zone of quartz vein material with trace copper sulphide and some oxidized zones potentially derived from copper sulphides, results pending. A deeper hole is planned to test the source of the strong IP chargeability anomaly. MHRC001 & MHRC002 MHRC001 and MHRC002 were drilled on the eastern edge of the Mount Hope Central open pit. Both holes intersected broad zones of partially oxidised quartz veining with copper sulphides (chalcopyrite) beneath the historical open pit. Assay results are: The mineralization intersected in MHRC001 and MHRC002 corresponds well with a steep dipping extension of the copper mineralization beneath the historical Mount Hope Central open pit. MHRC001 and MHRC002 were drilled close to a small excluded section of the Mount Hope mining lease. The exact location of the mining lease boundary is currently being evaluated by the Queensland Department of Minerals as part of a normal process and may therefore be subject to small scale boundary changes. Two drill holes have been drilled into the strong Lady Fanny South IP chargeability anomaly. LFDD142 intersected halo style copper sulphide mineralization to the bottom of the RC and was extended with a diamond core tail. LFDD142 intersected 110m downhole of halo style disseminated and stringer copper sulphide veining, results pending. The 110m of halo style disseminated and stringer copper sulphide mineralization from 239m to 349m in LFDD142 is on the edge of the large IP chargeability anomaly. The hole was targeted to drill through the middle of the IP anomaly however the dip of the hole dropped considerably. Preliminary structural measurements from the orientated diamond core indicate strong shear controlled mineralization dipping steeply west and striking NS. This orientation highlights a strong untested west dipping structural target that will be targeted imminently with an east directed drill hole. Announcement • Jul 14
Carnaby Resources Limited Announces Exploration Update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited announced an exploration update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Highlights: Mount Hope Prospect: Induced Polarisation (IP) surveys at Mount Hope have revealed a very large and extremely strong IP chargeability anomaly at Mount Hope North. First pass drilling to commence imminently. Duchess Prospect: Highly encouraging and undrilled IP anomalies generated. Shamrock Prospect: High grade rock chip and channel samples up to 18.8%Cu, 4g/t Au. Lady Fanny South Prospect: 37m of halo style copper sulphide mineralisation has been intersected to bottom of hole in LFRC142, associated with the IP anomaly. Nil Desperandum Prospect: 19m downhole zone of strong copper sulphide mineralisation has been intersected a further 150m down plunge, results pending. Exploration at the Greater Duchess Copper Gold Project is ramping up with extensive IP surveys ongoing and drilling continuing with two drill rigs. A detailed aeromagnetic survey has just been completed along the Nil Desperandum IOCG corridor, highlighting a strong structural corridor between and beyond Nil Desperandum and Lady Fanny. Results from a further nine IP lines have been received and processed from surveys completed at the Mount Hope and Duchess Prospects and are detailed below. For consistency, the colour contouring of the IP chargeability anomalies presented below is the same across all areas surveyed. It should be noted that the increased chargeabilities seen at Mount Hope may not necessarily translate to a larger or higher grade source although it is certainly encouraging. Numerous strong IP chargeability anomalies have been generated from seven lines of IP completed at Mount Hope on 100 to 120m traverse spacing. The source of the chargeability anomalies is yet to be determined, however the spatial location of the IP anomalies is generally consistent and proximal to the location of historical open pits throughout the Mount Hope mining lease. An exception is the large central IP anomaly which has no known surface expression of copper sulphide mineralisation. The IP lines were extended outside of the Mount Hope Mining Lease due to the need to get depth penetration of the IP within the 100% owned Mining Lease area. Some of the IP anomalies are very close to the boundary of the mining lease. The exact location of the mining lease boundary is currently being evaluated by the Queensland Department of Minerals as part of a normal process and may therefore be subject to small scale changes. L10240N IP Line Anomaly: The strongest and largest IP chargeability anomaly yet recorded from all current and previous IP surveys completed at Greater Duchess was generated on line L10240N, which traversed across the Mount Hope North open pit. A very strong chargeability inversion anomaly of 47 msec was modelled at approximately 150m below surface. The IP anomaly is located in the core zone of the Mount Hope North pit area and is coincident with small northeast striking workings which have targeted an outcropping quartz ironstone ridge. Plans are underway to complete first pass drilling of this IP anomaly imminently. L10000N IP Line Anomaly: A large and strong IP chargeability inversion anomaly was generated on line L10000N within the central part of the mining lease where no obvious signs of copper gold mineralisation are present. The IP anomaly has a peak modelled chargeability of 35.7 msec centred at approximately 140m below surface. The source of this IP anomaly is unknown however represents an excellent drill target and will be drilled in the upcoming programs at Mount Hope. L20100E IP Line Anomaly: Three IP lines were completed in a northeast orientation mainly targeting the Mount Hope Central pit and Binna Binna ridge workings. IP chargeability anomalies were recorded on all three lines. On line L20100E, a discrete and shallow IP chargeability anomaly was recorded on the north western edge of the Mount Hope Central open pit. A peak chargeability of 25.7 msec was recorded 70m below surface. On the eastern end of the IP line L20100E a larger IP chargeability anomaly has been modelled with a peak chargeability of 27.4 msec located 50m below surface. The location of this anomaly appears to line up with north south striking copper workings to the south and the eastern arm of the Mount Hope North open pit. DUCHESS PROSPECT (CNB 82.5%, DCX 17.5%): Two lines of IP were completed across the Duchess line of workings 100m north and south of a previously completed IP line. Historical Duchess Mine IP Chargeability Anomalies: Both new IP lines have defined sizeable chargeability anomalies immediately below the Duchess mine workings which were mined to 260m below surface producing 205kt @ 12.5% copper. The new chargeability inversion anomalies of 21.9 to 23.9 msec are centred at 340- 350m below surface. No drilling has previously targeted below the Duchess high grade lode workings and Carnaby intends to complete a diamond drill hole shortly to test the IP anomaly generated. Potential for remnant mineralisation is also considered high due to the high historical cut off grade when the mine was in production in the early 1900's. Western IP Chargeability Anomaly: The two new lines of IP were extended further west and east of the original IP line and have defined a coherent new and undrilled IP chargeability anomaly west of the Ivanhoe Lode. The maximum chargeability of 24.8 msec was recorded on the northern IP line 10100N located at 250m below surface. Further geological investigations are underway to determine the significance of this new anomaly however it appears to be an excellent future drill target. Announcement • Jun 24
Carnaby Resources Limited Announces Major New Ip Anomalies Light Up 3Km Greater Duchess Corridor Carnaby Resources Limited announced very significant new geophysical anomalies at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. The recently commenced extensive program of IP geophysical surveys at the Greater Duchess Copper Gold Project comprises 24 separate lines of IP at the Nil Desperandum /Lady Fanny corridor, Duchess and Mount Hope targets. Results from the first 9 lines have been received and processed from the highest priority area between Nil Desperandum and Lady Fanny. This 3 km corridor is characterised by mostly shallow alluvial cover with occasional isolated hills of outcropping basement rocks. Not a single exploration drill hole has been drilled between Nil Desperandum and Lady Fanny despite the presence of numerous historical copper gold working. The results from the first 9 IP lines have recorded two very significant new IP chargeability anomalies named Lady Fanny South and Shamrock prospects as outlined below. LADY FANNY SOUTH PROSPECT (CNB 82.5%, DCX 17.5%); Five lines of IP were completed south of Lady Fanny at a line spacing of 200m and 400m.Exceptional new IP chargeability anomalies have been recorded immediately south and along strike of the Lady Fanny discovery, as detailed below. The IP chargeability inversion anomaly at Lady Fanny South can be traced for over 600m south of Lady Fanny, located under shallow alluvial cover where no previous drilling has been completed. The Lady Fanny South chargeability anomaly forms a continuous chargeability anomaly with the Lady Fanny main lode copper gold mineralisation over a ~1.4km long strike length. 7649050N IP Line Anomaly; The strongest IP section at Lady Fanny South was recorded on line 7649050N. The top of the chargeability anomaly starts at approximately 60 meters below surface, with a peak modelled inversion chargeability of 31.8 m/sec at 230 meters below surface. The magnitude of the 7649050N IP anomaly is of comparable strength and size to previous IPsurveys that outlined the Lady Fanny and Nil Desperandum discoveries and is an exceptional drill target which will be followed up with drilling as soon as possible. The source of the IP chargeability anomaly is interpreted to be chalcopyrite copper sulphide mineralisation however other sources of chargeability can not be ruled out. 7648850N IP Line Anomaly; A further 200m to the south, the next line of IP on 7648850N has also recorded a stronginversion chargeability anomaly that appears to be the southern continuation of the 7649050N IP anomaly. The top of the chargeability anomaly starts at approximately 180 meters below surface, with a peak modelled inversion chargeability of 23.2 m/sec at 280 meters below surface. SHAMROCK PROSPECT (CNB 82.5%, DCX 17.5%) Five lines of IP were completed at the new Shamrock Prospect at a line spacing of 200m. The Shamrock IP lines targeted a series of shallow historical workings approximately 1.4km northeast of Nil Desperandum. No previous drilling has been recorded in this area even though considerable historical copper gold workings are present. An exceptional new IP chargeability anomaly has been recorded at Shamrock, coincident with shallow historical workings where outcropping copper gold breccia and shear hosted mineralisation is evident. The IP anomaly is continuous across at least four IP sections over a strike length of 800m, with the two central IP section lines 7647450N and 7647650N showing the strongest inversion chargeability anomalies. 7647450N IP Line Anomaly; IP line 7647450N has recorded a very strong IP inversion chargeability anomaly with a peak value of 24 m/sec modelled at 40m below surface. The top of the anomaly is modelled to start at approximately 20m below surface. The IP anomaly is modelled with a large vertical extent of approximately 400m. 7647650N IP Line Anomaly; IP line 7647650N has recorded a very strong IP inversion chargeability anomaly with a peak value of 22.5 m/sec modelled at 150m below surface. The top of the anomaly starts at approximately 90m below surface. This IP anomaly is continuous with the strong IP anomaly on line 7647450N. Announcement • Jun 18
Carnaby Resources Limited Announces A Continuation of High Grade Exploration Results At the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited announced a continuation of high grade exploration results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Nil Desperandum Prospect (CNB 82.5%, DCX 17.5%): RC and Diamond drilling of the down plunge and lateral extensions to the high grade breccia shoot continues to expand the footprint of the discovery at Nil Desperandum. Highly encouraging lateral extensions of the mineralisation both up dip to the northwest and down dip to the southeast suggest high potential for additional lodes and extensions to grow the overall size of the Nil Desperandum discovery. Diamond drilling continues to extend the breccia shoot down plunge with a new drill hole intersecting a large copper sulphide quartz-carbonate vein a further 150m down plunge of previous drilling. The Nil Desperandum breccia shoot has now been intersected over 800m down plunge from surface and remains completely open at depth to the southwest, where further step out drilling is underway. NLRC048, NLRC051: Multiple broad zones of up dip lateral extensions of the Nil Desperandum breccia shoot were intersected in drill holes NLRC048 and NLRC051. The drilling has highlighted the potential to grow the size of the breccia shoot by targeting the lateral extensions and additional drilling is underway. Results include; NLRC048: 3m @ 2.3% copper, 0.05 g/t gold from 154m; And 60m @ 0.9% copper, 0.1 g/t gold from 175m; Including 19m @ 2.3% copper, 0.3 g/t gold from 216m; Including 5m @ 7.0% copper, 0.8 g/t gold from 230m; NLRC051: 18m @ 0.6% copper, 0.1 g/t gold from 73m; And 21m @ 1.3% copper, 0.2 g/t gold from 148m; Including 6m @ 3.8% copper, 0.6 g/t gold from 162m. NLRC050, NLRC057: Encouraging zones of down dip lateral extensions of the Nil Desperandum breccia shoot to the southeast were targeted and intersected in drill holes NLRC050 and NLRC057. The drilling has highlighted the potential of the lateral extensions and the potential for new high grade shoot development down dip to the southeast, where limited or no drilling has been completed to date. A significant program of extensional RC and diamond drilling is underway. Results include; NLRC050: 6m @ 3.1% copper, 0.9 g/t gold from 216m; NLRC057: 31m @ 0.8% copper, 0.2 g/t gold from 139m. NLDD094: Diamond drilling targeting the southwest plunge of the Nil Desperandum breccia shoot has intersected the continuation of the copper gold mineralisation a further 150m down plunge from the previously announced deepest intersection in NLDD082 of 17m @ 2.2% copper, 0.4 g/t gold. Burke & Wills Prospect (CNB 82.5%, DCX 17.5%): The Burke & Wills Prospect is located 400m west of Lady Fanny and is characterised by a series a very shallow turn of the century workings in a north striking lode. No previous drilling had been completed at Burke & Wills prior to Carnaby's first drill hole in late 2021. To date a total of 7 RC holes have been completed at Burke & Wills with every drill hole intersecting a highly continuous steeply east dipping lode over 200m in strike and completely open in all directions. The southern extent of the mineralisation is masked by alluvial cover, whereas the northern extension is masked by a quartzite hill scree slope. A new result from the deepest drill hole to date in BWRC011 has been received recording 5m @ 3.9% copper, 0.4 g/t gold from 60m, including 2m @ 9.0% copper, 0.8 g/t gold from 63m. Additional drilling is planned to extend the mineralisation which remains open in all directions. Mount Hope Acquisition (CNB 100%): Preparations are well underway to commence a maiden RC drilling program at Mount Hope within the next few weeks. Drill pad access is currently being prepared. Extensive IP surveys have also been planned and will also be completed shortly. Announcement • May 20
Carnaby Resources Limited Announces New Exploration Results At the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited announced new exploration results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Highlights: Lady Fanny Prospect: LFRC129 has recorded exceptional drill results of 32m @ 2.6% copper, 0.6 g/t gold from 69m including 17m @ 3.7% copper, 1.1 g/t gold from 79m. LFRC095 has recorded the northern most continuation of the high grade shear hosted mineralisation of 22m @ 1.3% copper, 0.2g/t gold from 93m including 5m @ 4.1% copper, 0.6g/t gold from 93m. LFRC085 has intersected 34m @ 1.0% copper, 0.4g/t gold from surface including 9m @ 2.1% copper, 0.6g/t gold from 15m. Numerous other results are awaited and drilling is ongoing. Nil Desperandum Prospect: Diamond drilling of the extension to the high grade breccia shoot is ongoing with numerous results pending and two step out diamond holes in progress. Mount Hope Prospect: Preparations for an extensive maiden drilling program and IP geophysics are underway with permitting, heritage surveys and detailed mapping all completed. Announcement • May 10
Carnaby Resources Limited Announces New Exploration Results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited announced new exploration results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Greater Duchess Copper Gold Project: New Reverse Circulation and Diamond Drilling results and further visual estimations from ongoing drilling at the Lady Fanny and Nil Desperandum copper gold discoveries are presented below. Drilling continues with two drill rigs, a dedicated RC and a dedicated Diamond Drill rig. A major new program of Induced Polarisation (IP) surveys will commence next week targeting the highly prospective three-kilometre corridor between Nil Desperandum and Lady Fanny and the northern extension of Lady Fanny. Additional IP surveys will also be completed at Duchess and at Mount Hope. LADY FANNY PROSPECT (CNB 100%): Stunning drill results and visual intersections continue to be received from RC drilling at the Lady Fanny discovery as detailed below. The first diamond drill hole (LFDD126) has been completed at Lady Fanny, intersecting broad zones of copper gold mineralization and confirming that the mineralisation is hosted concordantly within a large steeply dipping shear zone (Results Pending). Wide, high grade and very shallow copper gold mineralisation has now been intersected over a core zone of over 300m strike length which remains strongly open to the north and at depth. The Lady Fanny discovery is continuing to show exceptional potential for a large open pittable resource which continues to grow with ongoing drilling. LFRC120 is the first of a series of new drill holes to test the central workings area where difficult drill pad access caused by high topographic relief and numerous shallow historical workings resulted in delayed access. The result in LFRC120 links to the previously reported high grade results to the south hosted in a steeply dipping shear zone. Wide and high grade copper gold mineralisation has now been defined over a greater than 300m strike length with mineralisation outcropping at surface and in shallow historical workings mined at the turn of the century and in the late 1960's and early 1970's. LFRC064 was drilled up dip from a previously released result of 22m @ 2.4% copper intersected in LFRC019. The results in LFRC019 and LFRC064 represent the northern most defined extent of shallow, wide and high grade copper mineralisation. Drilling is currently focusing on extending the high grade copper mineralisation to the north, where a large IP chargeability anomaly is located. LFRC124 was also collared 60m north of LFRC120 and was drilled up dip from the visual copper sulphide intersection on LFRC129 indicating a steep west dip to the mineralisation. LFRC124 intersected. Four other RC holes were fanned out from the same drill pad as LFRC120 due to the difficult access and high topographic relief making it difficult to establish regularly spaced east west drill traverses. Results have been received from LFRC119 and LFRC121. Not all holes tested the main mineralised shear zone. Results from the other two holes LFRC122-123 are pending. A total of five RC holes have been drilled along the Burke & Wills shallow historical workings with new results received for BWRC010 which intersected 7m @ 3.0% copper, 0.2 g/t gold from 46m including 3m @ 6.1% copper, 0.4 g/t gold from 47m. Every RC hole drilled has intersected shallow high grade copper gold mineralisation of similar grade indicating excellent continuity of the mineralisation. The drilling completed to date has defined steeply east dipping shallow copper mineralisation over greater than 200m strike and completely open in all directions. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Peter Bowler was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 11
Carnaby Resources Limited (ASX:CNB) agreed to acquire 100% of MOUNT HOPE ML90240 from Integrated Global Resource Solutions, LLC for AUD 2 million. Carnaby Resources Limited (ASX:CNB) agreed to acquire 100% of MOUNT HOPE ML90240 from Integrated Global Resource Solutions, LLC for AUD 2 million on April 11, 2022. Consideration of AUD 1 millionin cash and AUD 1 million worth of CNB Shares subject to 12 month escrow period. Announcement • Apr 04
Carnaby Resources Limited Announces Exceptional Drill Results At Greater Duchess 24M @ 5% Copper Carnaby Resources Limite announced exceptional exploration results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Nil Desperandum Prospect: NLDD084 has intersected the continuation of the high-grade breccia pipe shoot 70m down plunge from discovery hole NLDD044 with a result of 24m @ 5.0% copper, 1.3 g/t gold from 313m including 12m @ 8.1% copper, 2.2 g/t gold. Lady Fanny Prospect: Exceptional drill results and visual intersections continue to be received including new results of 22m @ 2.4% Cu, 0.5 g/t Au in LFRC019, 19m @ 2.4% Cu, 0.9 g/t Au in LFRC010 and 43 m of strong copper sulphide visuals in LFRC120. New RC and diamond drilling results and further visual copper sulphide estimations from ongoing drilling at the Nil Desperandum and Lady Fanny copper gold discoveries are presented below and in Appendix 1 & 2. Drilling continues with two drill rigs, a dedicated RC and a dedicated diamond drill rig. Carnaby continues to extend the Nil Desperandum high-grade discovery to the southwest targeting extensions of the high-grade breccia shoot and drill testing Induced Polarisation (IP) chargeability anomalies that have been shown to correlate exceptionally well with copper sulphide mineralisation. It is becoming clear that the high-grade breccia shoot intersected in NLDD044 and NLDD084 is a new high-grade plunging pipe-like breccia shoot separate from the shallower, previously defined breccia shoot. Both shoots appear to have similar plunges to the SSW and remain completely open at depth. The breccia shoots appear to have formed within a broader SW trending mineralised corridor which is also completely open. Diamond drill hole NLDD084 has intersected the down plunge continuation of the high-grade breccia shoot 70m down plunge from the original discovery hole NLDD044 that intersected 41m @ 4.1% copper. The result confirms the excellent continuity of the high-grade breccia shoot and the orientation of the high-grade copper gold mineralisation hosted in a moderately south east dipping structure. The copper gold mineralisation is hosted within a brecciated biotite schist with occasional polymictic clasts of mostly quartz and is composed of matrix fill chalcopyrite with lesser pyrrhotite. The intersection angle of the vertical drilling to the breccia shoot results in true widths bein approximately 70% of the downhole width of intercepts reported. This is consistent with the geological interpretation and has been observed in multiple diamond core holes through the mineralisation. The plunge of the high-grade breccia shoot is interpreted to be controlled by and bounded to the west by a steeply dipping fault named the Western Bounding Fault. Angled diamond drilling is planned to commence shortly to test the western bounding fault structure in order to better define the western boundary of the high-grade breccia shoot. A down dip hole NLDD072 was collared further north however drifted south onto the NLDD084 drill section and has intersected broad zones of matrix fill and breccia copper sulphide mineralisation with results pending. Results are also pending from NLDD073 which intersected the high- grade breccia shoot further down plunge from NLDD084. RC drill hole NLRC069 has intersected the high-grade breccia shoot 70m up plunge from the original discovery hole NLDD044 that intersected 41m @ 4.1% copper. The result of 4m @ 5.8% copper, 0.6 g/t gold in NLRC069 is interpreted to represent the start of the high-grade breccia shoot showing excellent continuity with the high-grade results in NLDD044 and NLDD084. NLRC069 intersected 4m @ 5.8% copper, 0.6 g/t gold from 210m, and 21m @ 0.5% copper, 0.1 g/t gold from 243m and including 5m @ 1.4% copper, 0.2 g/t gold from 246m. Diamond drill hole NLDD074 was drilled 85m down plunge of NLDD073 and intersected a 5m quartz vein with chalcopyrite copper mineralisation with results pending. The quartz- chalcopyrite vein is similar in appearance to the quartz-chalcopyrite vein intersected in NLDD073 however is less brecciated. It is interpreted that the main high-grade breccia target position is further east of this hole and follow up drilling is underway to target the main high- grade plunge position. The large quartz-chalcopyrite vein has been intersected in three holes and appears to have good continuity. It has formed within, and is continuous along, the moderate southeast dipping structure. Diamond drill hole NLDD078 was drilled to target the L18800N IP chargeability anomaly over 200m southwest of the high-grade discovery hole NLDD044. NLDD078 intersected several narrow zones of matrix and breccia copper sulphide mineralisation in a steeply dipping shear with results pending. Evidence of copper sulphide mineralisation in this hole is highly encouraging. NLDD078 is the first of two planned holes to test the L18800N IP chargeability anomaly and was drilled first to test the up-dip geology sequence. The second planned deeper hole will target the conceptual breccia shoot position where the steep narrow copper sulphide mineralisation intersected in NLDD078 potentially flattens out and brecciates. This conceptual target is analogous to the NLDD044 discovery hole where the high-grade breccia shoot is located on the eastern side of the IP chargeability anomaly. Also considered highly encouraging in NLDD078 is the appearance of significant increases in brecciation and alteration throughout broad intervals of the drill hole. Associated multiple overprinting alteration episodes have been observed including overprinting haematite-kspar and late haematite. These geological indicators are suggesting that the SW extension of the Nil Desperandum mineralised corridor is highly prospective and ongoing diamond drilling will continue to step out and test the IP chargeability anomalies. Exceptional drill results and visual intersections, with results pending, continue to be received from RC drilling at the Lady Fanny discovery. Broad zones of copper gold mineralisation in multiple mineralisation horizons have been intersected over a greater than 500m strike and remain open. The Lady Fanny discovery is rapidly emerging as a very large discovery which continues to grow with ongoing drilling, where the mineralisation clearly demonstrates open pitable widths and grades at very shallow depths. RC drilling has just commenced in the central section of the Lady Fanny prospect where access tracks and drill pads have had to be developed with some difficulty around significant but shallow historical workings and high topographic relief. One of the first holes drilled from a new central drill pad where RC holes are being fanned out, was LFRC120. This hole has intersected 43m of strong copper sulphide mineralisation from 63m to 106m downhole (RESULTS PENDING) in what appears to the northern continuation of the eastern lode. Reported Earnings • Mar 12
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.012 loss per share (down from AU$0.018 profit in 1H 2021). Net loss: AU$1.50m (down 170% from profit in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 106% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 10
Carnaby Resources Limited Announces New Exploration Results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited (Carnaby or the Company) announced new exploration results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. New RC drilling results and further visual estimations from diamond drilling at Nil Desperandum are presented in this release. The Nil Desperandum high-grade shoot has now been intersected in three adjacent drill holes, NLDD044, NLRC066 and NLDD073 and remains completely open down plunge to the south and southwest where several IP chargeability anomalies are located. It is the current interpretation that the high-grade copper gold mineralisation in these three holes does represent the start of a new high-grade lode that sits above and slightly offset from the previously defined copper gold breccia lode that has been defined by previous drilling. Diamond drill hole NLDD073 is the first step out hole to test the south to southwest down plunge extension of the high-grade discovery hole NLDD044, which intersected 41m @ 4.1%copper. NLDD073 has intersected 27m of copper sulphide mineralisation from 363m down hole including a approximately 15m downhole zone of very strong copper sulphide mineralisation from 373m, confirming that the high-grade copper gold mineralisation does extend down plunge and remains completely open. NLDD073 was collared approximately 70m SSW of discovery hole NLDD044. The strongly mineralised shoot was intersected in a position approximately 125m down plunge of the NLDD044 and NLRC066 intersections. Additional drilling is underway to test both up dip and down dip of NLDD073 to quantify the magnitude of the mineralisation either side of this intersection. Additional drilling is also underway to commence testing the numerous IP chargeability anomalies south and southwest of this hole. This diamond hole is the first hole to core through the entire mineralised interval of the new high-grade lode revealing a unique looking new style of copper gold mineralisation which includes mostly matrix fill chalcopyrite and minor unusual chalcopyrite-feldspar-quartz pegmatite dykes. Results have been received for drill holes NLRC065 and NLRC066 which were drilled on section immediately up dip and down dip of the high-grade discovery drill hole NLDD044. Results from NLRC066 have confirmed a broad zone of high-grade copper gold mineralisation dipping shallowly southeast and directly linking to the high-grade discovery drill hole result of 41m @ 4.1% copper in NLDD044. A further step out hole is underway to test down dip of NLRC066. Results for NLRC066 are; 40m @ 1.5% Copper, 0.2 g/t Gold from 251m, Including 30m @ 1.9% Copper, 0.3 g/t Gold from 253m, Including 7m @ 2.6% Copper, 0.2 g/t Gold from 253m, And Including 11m @ 2.9% Copper, 0.5 g/t Gold from 272m. RC drill hole NLRC065 was drilled up dip of NLDD044 and intersected more distal style disseminated copper gold mineralisation recording 10m @ 0.4% copper from 209m including 2m @ 1.4% copper from 209m. The controls of the Nil Desperandum high-grade shoot are at an early stage of understanding and definition, however it is inferred that a steeply dipping, southwest striking fault may exist and provide an important bounding structure to the western side of the high-grade breccia shoot, which often forms an abrupt transition from the thick high-grade breccia lode to lower grade disseminated mineralisation. Additional diamond drilling is required to determine whether a steep bounding type fault exists. Regardless, the high-grade copper gold mineralisation is very strongly hosted by and continuous within a major, moderately southeast dipping shear zone. NLRC043 and NLRC067 - NLRC043 and NLRC067 were drilled targeting plunge positions of the main high-grade breccia shoots with both holes intersecting broad zones of copper gold mineralisation. NLRC043 targeted the up-plunge position of the newly discovered high-grade shoot and is interpreted to have intersected the lower grade western margin of the shoot with a result of; 25m @ 0.6% copper, 0.1 g/t gold from 186m, Including 4m @ 1.0% copper, 0.2 g/t gold from 186m, And Including 3m @ 1.4% copper, 0.4g/t gold from 195m. NLRC067 was an infill hole targeting the high-grade shoot position, however the hole drifted off target and only intersected the lower grade western margin of the breccia shoot. Results were; 19m @ 0.9% copper, 0.2 g/t gold from 213m, Including 6m @ 1.6% copper, 0.4 g/t gold from 226m. Announcement • Feb 25
Carnaby Resources Limited Announces New Exploration Results At the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited announced new exploration results at the Greater Duchess Copper Gold Project in Mt Isa, Queensland. The new RC drilling from an additional 10 holes (RESULTS PENDING) and three new IP survey lines have defined a continuous mineralised corridor over greater than 600m strike length, which remains strongly open in all directions. RC drilling is ongoing and additional IP surveys, which will commence as soon as the IP crews are available to return, are being planned. Additional heritage surveys have just been completed at Lady Fanny, clearing the highly prospective tenure to the north and south of the current exploration programs limits. Results from the remaining three IP lines at Lady Fanny have all produced strong chargeability inversion anomalies, defining a combined strike length of over 600m. The IP anomalies are almost certainly caused by copper sulphide mineralisation although drilling is yet to test a vast majority of the IP anomalies. Some of the large and strongest IP chargeability anomalies are from the northern and southern most IP lines, clearly indicating that the Lady Fanny mineralised system is wide open. Remodelling of the three previously reported IP lines has also been completed. IP line 7649815N is the northern most IP line completed at Lady Fanny. This IP line is approximately 130m north of any drilling and is in an area where outcropping quartzite hill and scree slopes generally mask the underlying prospective rocks. The IP anomaly is directly in line with the projected northern extension of the Lady Fanny line of lode and is most likely caused by copper sulphide mineralisation, although drilling is required to determine this. This anomaly is completely open to the north and ongoing exploration including additional IP and drilling is being planned and will commence as soon as possible. The IP anomaly is centred approximately 200m below surface and is modelled to extend vertically to within 100m of the surface. A maximum chargeability of 27 m/sec was modelled. Access tracks and drill pads are currently being constructed to the north of Lady Fanny and first pass drilling of this anomaly will commence shortly. IP line 7649560N was completed over the central Lady Fanny workings. No drilling has yet been completed in this area due to the need to establish access tracks and drill pads in amongst sizeable workings and high topographic relief. This IP line is located approximately 100m north of drill hole LFRC013 which intersected 20m @ 2.3% copper, 0.5g/t gold and is approximately 100m south of LFRC019 which interested 21m of strong copper sulphide mineralisation as reported in this announcement. The IP results from this line have modelled two shallow (surface to approximately 75m deep) and very strong IP chargeability anomalies interpreted to represent the continuation of the two main workings lodes below the circa 10m deep historical open pits and circa 20m deep shaft that were mined in the late 1960's. These IP anomalies clearly suggest that the copper sulphide mineralisation is continuous through this central area. A maximum modelled inversion chargeability of 33 m/sec was recorded. The 7649560N IP line has also modelled a deeper inversion chargeability anomaly approximately 100m to the west of the shallow IP anomalies and historical workings. This deeper western IP chargeability anomaly is modelled across at least 3 IP traverse sections and is currently untested with any drilling. A maximum inversion chargeability of 23 m/sec was modelled. The western IP anomaly represents another high priority drill target. IP line 7649350N was completed south of the main Lady Fanny workings. A previously reported drill hole LFRC004 is located 15m south of the IP line which recorded 7m @ 1.3% copper. Approximately 30m to the north of the IP line, hole LFRC006 intersected 8m @ 1.3% copper and a 2m stope void from the historical shallow main shaft. The IP results from this line have modelled a strong, steeply west dipping chargeability anomaly from surface to approximately 80m deep, which extends at depth to the limit of the modelling. A maximum inversion chargeability of 33 m/sec was modelled. Further drilling is planned to target this chargeability anomaly and the depth extents. A total of 10 new RC holes have been drilled, extending the defined extent of the Lady Fanny mineralised corridor to over 600m strike and completely open in all directions. Results are pending from all holes drilled. RC holes LFRC010 and LFRC030 were drilled under the main southern Lady Fanny workings, targeting depth extensions of identified lode positions. Both holes intersected broad zones of copper sulphide mineralisation in intervals of 32m and 22m downhole respectively with up to 11% chalcopyrite from visual estimates. Announcement • Feb 17
Carnaby Resources Limited Reports Further Exploration Results at its 100% Owned Lady Fanny Copper Gold Discovery Within the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited reported further exploration results at its 100% owned Lady Fanny copper gold discovery within the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Induced Polarisation (IP) results have been received from the first three lines at Lady Fanny completed on ~200m spaced east-west traverses. Results from a further three IP lines are awaited. The IP results have recorded several strong undrilled inversion chargeability anomalies of exceptional potential and completely open at depth and along strike. Strong near surface IP chargeability inversion anomalies correlate extremely well with outcropping copper mineralization confirming that the IP is almost certainly identifying the strong copper sulphide mineralization at surface and at depth. A major RC drilling program at Lady Fanny is underway to drill out the top 100m depth over a >400m strike and target the new IP anomalies. Heritage surveys at the Nil Desperandum Prospect were successfully completed yesterday, clearing the way for follow up drilling of the 400m long IP anomaly southwest of the 41m @ 4.1% copper in NLDD044 to commence shortly. Results from the first three lines of IP at Lady Fanny have outlined several strong inversion chargeability anomalies across all three lines. Data from an additional three infill and extension IP lines have been received and inversion modelling of the data is underway and will be reported shortly. The IP lines were completed over 1.4km long east-west traverses covering the entire Lady Fanny to Burke & Wills lines of workings. The results highlight a very strong inversion chargeability anomaly from near surface to approximately 150m below surface. The strength of the IP anomaly is stronger than the IP anomaly generated on the discovery IP line 19000N at Nil Desperandum. The strength of chargeability is governed by many variables and can't be used as a guide to copper grades or widths however it is considered highly encouraging. No known historical drilling or IP is present south of this IP line for three kilometers to the Nil Desperandum discovery with shallow alluvium cover masking most of the highly prospective corridor in between the two discoveries. Future exploration will no doubt target this gap, especially given the IP results on the southern most known extension at Lady Fanny. Announcement • Feb 11
Carnaby Resources to Report Further Exploration Success at Its Major Copper Gold Discovery At the Nil Desperandum Prospect Within the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited (Carnaby or the Company) to report further exploration success at its major copper gold discovery at the Nil Desperandum Prospect within the Greater Duchess Copper Gold Project in Mt Isa, Queensland. RC drill hole NLRC069 has intersected a 70m down hole zone of copper sulphide mineralisation from 195m, containing from 1 to 18% chalcopyrite based on visual estimates with results pending. RC drill hole NLRC067 has intersected a 63m down hole zone of copper sulphide mineralisation from 169m, containing from 1 to 18% chalcopyrite based on visual estimates with results pending. Results from the remaining three Induced Polarisation (IP) lines at Nil Desperandum have extended the chargeability anomaly southwest of NLDD044 to over 400m long. The source of a very strong resistivity anomaly on the last three IP lines south of NLDD044 remains unknown. Extensive drilling and IP surveys are ongoing and are now focussing on the Lady Fanny target. Short Covid related delays to heritage surveys are being experienced and the surveys are required before drilling of the new IP anomalies at Nil Desperandum can take place southwest of NLDD044. Recent Insider Transactions Derivative • Feb 08
MD & Executive Director exercised options and sold AU$1.0m worth of stock On the 7th of February, Robert Watkins exercised 3.00m options at around AU$0.089, then sold 600k of the shares acquired at an average of AU$1.79 per share and kept the remainder. For the year to June 2021, Robert's total compensation was 91% salary and 9% non-salary. Since June 2021, Robert has owned 4.44m shares directly. Company insiders have collectively sold AU$3.0m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Feb 04
Carnaby Resources Limited to Confirm Major Copper-Gold Discovery at the Nil Desperandum Prospect Within the Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited to confirm a major copper-gold discovery at the Nil Desperandum Prospect within the Greater Duchess Copper Gold Project in Mt Isa, Queensland. RC drill hole NLRC066 has intersected a strong 50m down hole zone of copper sulphide mineralisation from 250m to bottom of hole (BOH) containing up to 30% chalcopyrite based on visual estimates with results pending. Critically, the visual intercept in NLRC066 has confirmed that the copper mineralisation in the adjacent drill hole NLDD044, which intersected 41m @ 4.1% copper, has a similar dip to shallower parts of the deposit and therefore downhole widths are close to true width intersections for both NLDD044 and NLRC066. Also of material importance, results from the first three new lines of Induced Polarisation (IP) southwest of NLDD044 have outlined a continuous >300m long chargeability anomaly consistent with the chargeability anomaly associated with the copper sulphide mineralisation in NLDD044. Results from a further three lines of IP are being modelled and will be reported shortly. Extensive drilling and IP surveys are ongoing. Short Covid related heritage survey delays are being experienced and are required before drilling of the new IP anomalies can take place southwest of NLDD044. Announcement • Jan 24
Carnaby Resources Limited announced that it expects to receive AUD 20.000001 million in funding from OZ Exploration Pty Ltd. and other investors Carnaby Resources Limited announced that it will issue 15,400,000 shares at a price of AUD 1.30 per share for gross proceeds of AUD 15,400,000 on January 24, 2022. The transaction will include participation from OZ Exploration Pty Ltd. and institutional and sophisticated investors. The transaction is expected to close on January 31, 2022. Announcement • Jan 18
Carnaby Resources Limited Announces Additional Drill Results from the Greater Duchess Copper-Gold Project in Mt Isa, Queensland Carnaby Resources Limited announced additional drill results from the Greater Duchess Copper-Gold Project in Mt Isa, Queensland. Results from the four remaining RC holes drilled at Lady Fanny at the end of 2021 have all recorded strong high-grade copper-gold results. LFRC008 was drilled under the ~10m deep Lady Fanny east pit intersecting two significant parallel lodes with high grade copper and gold mineralisation over broad widths. Shallow workings were intersected in the top part of the hole where stope voids were recorded from 22-23m and 32-33m. Mineralisation was intersected from the start of the hole and additional drilling is required to step back and test the full width of mineralisation at the surface. LFRC022 was drilled under the ~10m deep Lady Fanny east pit intersecting two significant parallel lodes with broad widths of copper and gold mineralisation intersected. Mineralisation was intersected from the start of the hole and additional drilling is required to step back and test the full width of the western mineralised shoot. LFRC022 was drilled on section and up dip from LFRC009 which intersected 27m @ 2.8% copper, 0.8 g/t gold from 61m. LFRC021 and LFRC004 were drilled south of the main Lady Fanny workings and have intersected a continuous lode horizon now defined by drilling over greater than 200m strike. The Lady Fanny line of lode remains completely open south of LFRC021 where the outcropping mineralisation tracks under shallow alluvium and remains completely undrilled. The Lady Fanny prospect is rapidly emerging as a significant IOCG discovery only 3 km north of the spectacular Nil Desperandum discovery. To date first pass RC drilling has only scoped out the southern 200m strike of the workings where every drill hole has intersected significant mineralisation and broad zones of copper gold mineralisation in some stunning drill intersections. Extensive workings exist for a further 200m strike north from the closest drilling and remain undrilled due only to the drill rig not completing the planned program prior to the Christmas break. Announcement • Jan 13
Carnaby Resources Limited Announces Stunning Drill Results from the 100% Owned Lady Fanny Prospect Within the Greater Duchess Copper Gold Project Carnaby Resources Limited announced stunning drill results from the 100% owned Lady Fanny Prospect within the Greater Duchess Copper Gold Project in Mt Isa, Queensland. Results from the first 5 RC holes ever recorded being drilled within the historical Lady Fanny mining lease area, have intersected stunning high-grade copper and high-grade gold results. Significant results include; LFRC009: 27m @ 2.8% Copper, 0.8 g/t Gold from 61m including 9m @ 4.0% Copper, 0.3 g/t Gold from 65m and including 11m @ 3.3% Copper, 1.6 g/t Gold from 77m. LFRC009 was drilled under the approximately 10m deep Lady Fanny east pit, also intersecting two significant parallel lodes with high-grade copper and gold mineralisation over broad widths and is completely open at depth and appears to link up directly with the high-grade intercept in LFRC012. LFRC013: 20m @ 2.3% Copper, 0.5 g/t Gold from 30m Including 6m @ 5.5% Copper, 1.4 g/t Gold from 38m. LFRC013 was drilled under the approximately 10m deep Lady Fanny west pit intersecting two significant parallel lodes of broad copper and gold mineralisation. LFRC013 is the northern most hole drilled at Lady Fanny to date and is completely open to the north where extensive undrilled workings and outcropping copper gold mineralisation can be traced for a further 250m before tracking under shallow quartzite outcrop and scree. LFRC012: 17m @ 2.1% Copper, 0.9 g/t Gold from 74m Including 7m @ 4.2% Copper, 2.0 g/t Gold from 77m. LFRC012 was drilled between the high-grade results in LFRC009 to the south and LFRC013 to the north linking broad high-grade copper and gold mineralisation between sections. The broad intervals of high-grade copper and high-grade gold mineralisation at Lady Fanny is highly encouraging, clearly demonstrating shallow mineable open pit widths and grade. Lady Fanny remains completely open and undrilled to the north of the high-grade result in LFRC013 and to the south results from a further four holes drilled are awaited as well as results from two additional RC holes drilled at the Burke & Wills prospect. The Lady Fanny drill results are located only 3 km north of the high-grade Nil Desperandum discovery of 41m @ 4.1% copper, 0.5g/t gold, which itself is completely open to the southwest, demonstrating how vastly underexplored the >5km long Iron Oxide Copper Gold (IOCG) corridor is and the potential of this corridor to develop into a major new copper gold district. Carnaby plans to complete a major drill out of the >400m strike of the Lady Fanny lodes and explore for additional strike extensions to the north, where the mineralisation tracks under quartzite scree slope cover, and to the south where the outcropping mineralisation tracks under shallow alluvial cover. Lady Fanny and Burke & Wills prospects will also be targeted with ground Induced Polarisation (IP) surveys to aid with drill targeting in search of large chargeability anomalies that may exist beneath the historical workings. Recent Insider Transactions Derivative • Jan 03
Independent Non-Executive Chairman exercised options and sold AU$1.1m worth of stock On the 30th of December, Peter Bowler exercised 3.00m options at around AU$0.09, then sold 1m of the shares acquired at an average of AU$1.20 per share and kept the remainder. Since June 2021, Peter has owned 5.00m shares directly. Company insiders have collectively sold AU$1.8m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Dec 23
Carnaby Resources Limited Provides an Exploration Update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland and the Strelley Gold Project in the Mallina Basin, Pilbara, WA Carnaby Resources Limited provided an exploration update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland and the Strelley Gold Project in the Mallina Basin, Pilbara, WA. Highlights: First diamond hole NLDD042 in the new program has extended the main Nil Desperandum shoot intersecting an 80m downhole zone of copper sulphide mineralisation, including a 0.9m wide semi massive copper sulphide breccia zone, results pending A second step out diamond hole to target the as yet untested IP anomaly down plunge of NLDD042 will commence this week. First RC drill holes at the 100% owned Lady Fanny Prospect have intersected strong zones of copper sulphide mineralisation, results pending. At the Strelley Gold Project, RC drilling is progressing well with 19 RC holes completed to date for 3,150m. Results pending from all holes. A universal drilling rig commenced RC and diamond drilling at the Greater Duchess Copper Gold project in the first week of December. The rig is double shifting and to date a total of 6 holes for 872m of drilling has been completed of a 4,000m planned program. Results pending from all holes completed. A total of 19 RC holes for 3,150m has been completed to date of a planned 6,000 m drilling program. Results are pending from all holes drilled. Drilling moved to double shift in an attempt to complete the program before the end of the year. At Nil Desperandum the first diamond hole in the current program has intersected an 80m downhole interval of intermittently disseminated, semi massive to breccia hosted copper sulphide mineralisation in NLDD042, results pending. The upper intervals of the copper mineralisation in NLDD042 appear to form an overall transition from lower grade disseminated zones with narrower zones of semi massive copper sulphides towards the lower sections, where more breccia hosted copper sulphide mineralisation is present towards the base of a sharp footwall contact. Visually the southwest plunge of the Nil Desperandum shoot appears to be robustly continuing at depth and remains completely open down plunge from NLDD042. The next hole to be drilled at Nil Desperandum will be a step out hole to test the NLIP4 IP anomaly which is coincident with the interpreted plunge of the main shoot down plunge from the mineralisation intersected in NLDD042 . The diamond hole will commence this week. At the Lady Fanny Prospect, a total of 5 RC holes have been completed to date with results pending from all holes drilled. The first RC holes at the Lady Fanny Prospect targeting beneath the historical open pits and channel results (see ASX release 25 October 2021), have intersected strong copper sulphide mineralisation in several holes. The RC drilling program at the >4km long Strelley Gold Corridor is targeting the newly identified Bastion, Stockade and Alcazar Prospects where significant high grade gold mineralisation was intersected in the previous RC drilling program in wide spaced drilling (See ASX release 27 October 2021). Announcement • Dec 19
Carnaby Resources Limited Announces Spectacular Copper Discovery At the Nil Desperandum Prospect Within the Greater Duchess Copper Gold Project Carnaby Resources Limited announce a spectacular copper discovery at the Nil Desperandum Prospect within the Greater Duchess Copper Gold Project in Mt Isa, Queensland. The RC pre-collar to NLDD044 has intersected a 34m down hole zone of copper sulphide including a 24m zone of mostly semi massive copper sulphide. NLDD044 is the first drill hole to test the NLIP4 Induced Polarisation (IP) chargeability inversion anomaly. The IP anomaly is almost certainly attributable to copper sulphide mineralisation. The high-grade copper intersection in NLDD044 remains completely open at depth and along strike to the southwest where the plunge of the mineralisation appears to be flattening. It is almost certain that the IP anomaly is being caused by the copper sulphide mineralisation intersected in NLDD044. The mineralisation remains completely open at depth to where the IP chargeability anomaly is getting stronger and completely open to the southwest along strike and down plunge. Announcement • Dec 13
Carnaby Resources Limited Provides an Exploration Update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland and the Strelley Gold Project in the Mallina Basin, Pilbara, WA Carnaby Resources Limited provided an exploration update for the Greater Duchess Copper Gold Project in Mt Isa, Queensland and the Strelley Gold Project in the Mallina Basin, Pilbara, WA. Highlights: First diamond hole NLDD042 in the new program has extended the main Nil Desperandum shoot intersecting an 80m downhole zone of copper sulphide mineralisation, including a 0.9m wide semi massive copper sulphide breccia zone, results pending. A second step out diamond hole to target the as yet untested IP anomaly down plunge of NLDD042 will commence this week. First RC drill holes at the 100% owned Lady Fanny Prospect have intersected strong zones of copper sulphide mineralisation, results pending. At the Strelley Gold Project, RC drilling is progressing well with 19 RC holes completed to date for 3,150m. Results pending from all holes. GREATER DUCHESS COPPER GOLD PROJECT (Carnaby 82.5 - 100%): A universal drilling rig commenced RC and diamond drilling at the Greater Duchess Copper Gold project in the first week of December. The rig is double shifting and to date a total of 6 holes for 872m of drilling has been completed of a 4,000m planned program. Results pending from all holes completed. NIL DESPERANDUM PROSPECT (CARNABY 82.5%): At Nil Desperandum the first diamond hole in the current program has intersected an 80m downhole interval of intermittently disseminated, semi massive to breccia hosted copper sulphide mineralisation in NLDD042, results pending. The upper intervals of the copper mineralisation in NLDD042 appear to form an overall transition from lower grade disseminated zones with narrower zones of semi massive copper sulphides towards the lower sections, where more breccia hosted copper sulphide mineralisation is present towards the base of a sharp footwall contact. An example of high grade breccia hosted copper mineralisation. Visually the southwest plunge of the Nil Desperandum shoot appears to be robustly continuing at depth and remains completely open down plunge from NLDD042. The next hole to be drilled at Nil Desperandum will be a step out hole to test the NLIP4 IP anomaly which is coincident with the interpreted plunge of the main shoot down plunge from the mineralisation intersected in NLDD042. The diamond hole will commence this week. LADY FANNY PROSPECT (CARNABY 100%): At the Lady Fanny Prospect, a total of 5 RC holes have been completed to date with results pending from all holes drilled. The first RC holes at the Lady Fanny Prospect targeting beneath the historical open pits and channel results, have intersected strong copper sulphide mineralisation in several holes. STRELLEY GOLD PROJECT (Carnaby 100%): A total of 19 RC holes for 3,150m has been completed to date of a planned 6,000 m drilling program. Results are pending from all holes drilled. Drilling moved to double shift in an attempt to complete the program before the end of the year. The RC drilling program at the >4km long Strelley Gold Corridor is targeting the newly identified Bastion, Stockade and Alcazar Prospects where significant high grade gold mineralisation was intersected in the previous RC drilling program in wide spaced drilling. Announcement • Nov 25
Carnaby Resources Limited Provides Exploration Update - 10,000M of Drilling Underway Carnaby Resources Limited provided an exploration update for the 100% owned Strelley Gold Project in the Mallina Basin, Pilbara, WA and the 82.5-100% owned Greater Duchess Copper Gold Project in Mt Isa, Queensland. Highlights: 6,000m RC drilling program has commenced at the >4km long Strelley Gold Corridor targeting intrusion hosted "Hemi style" gold mineralization intersected in the recent RC drilling program; The planned drilling includes holes to follow up previously reported: intersections from the most recent RC drilling program including: 5 m @ 4.83 g/t Au from 110m (PLRC0051); 2m @ 5.21 g/t Au from 85m (PLRC0043); 10m @ 1.62 g/t Au from 115m (PLRC0035); Results from the previous RC program's final holes received include: 5m @ 0.80 g/t Au from 60m (PLRC0055); 4m @ 0.55 g/t Au from 165m (PLRC0048); 4,000m RC and diamond drilling program will commence imminently at the Greater Duchess Copper Gold Project targeting first pass drill testing of Burke & Wills and Lady Fanny Prospects and direct extensions to Nil Desperandum following up previously reported intersections including: 87m @ 0.9 % Cu from 190m (NLRC017) Including 30m @ 1.8% Cu from 242m. Announcement • Jul 07
Carnaby Resources Ltd Provides Greater Duchess Copper Project Update Carnaby Resources Limited provided an exploration update for the Greater Duchess Copper Gold Project in Mount Isa, Queensland. Drill results have been received for all intervals in the previously partially reported NLRC017 intersection resulting in the following intercept; o NLRC017 18m @ 0.5% copper from 160m including 4m @ 1.6% copper from 174m and 87m @ 0.9% copper from 190m including 56m @ 1.1% copper from 221m including 30m @ 1.8% copper, 0.3 g/t gold from 242m and including 9m @ 3.1% copper, 0.4 g/t gold from 268m including 3m @ 8.1% copper, 0.9 g/t gold from 268m Drill results from step out hole NLRC024 show the broad zones of copper-gold mineralisation are continuous and getting wider at depth, intersecting 53m @ 0.5% copper including 8m @ 1.3% copper in the hangingwall zone and ending in 0.4% copper at the interpreted start of the high grade footwall zone. Diamond tail extension of NLRC024 will commence late this week targeting the high grade footwall zone. Announcement • Jun 25
Carnaby Resources Limited Provides an Exploration Update for the Greater Duchess Copper Gold Project in Mount Isa, Queensland Carnaby Resources Limited provided an exploration update for the Greater Duchess Copper Gold Project in Mount Isa, Queensland. The first three priority drill holes at Nil Desperandum have returned outstanding assay results over broad zones of copper gold mineralisation and have extended the southwest extent of the main zone to over 300m. The standout result in NLRC017 of 30m @ 1.8% copper from 242m within 56m @ 1.2% copper from 221m including 9m @ 3.1% copper from 268m including 3m @ 8.1% copper from 268m is completely open at depth and includes the highest individual meter recorded copper grade from all drilling previously completed in the area of 11.2% copper. Results from the adjacent drill hole NLRC001 also recorded broad zones of copper-gold mineralisation of 11m @ 2.0% copper, 0.3 g/t gold from 211m including 4m @ 4.3% copper, 0.6g/t gold from 222m. Follow up drilling targeting extensions to the main zone mineralisation has been completed with results pending and further step out drilling is planned. Drill hole NLRC024 collared 45m south-east of NLRC017 has intersected broad zones of mostly disseminated pyrite and chalcopyrite from 232m to end of hole at 300m. The hole is interpreted to have ended in the hangingwall before reaching the main high grade lode mineralisation. NLRC024 will be extended with a diamond core tail to target the main lode position. A universal RC /diamond rig has been contracted and will commence drlling at Nil Desperandum within the next two weeks. Drill results have also been received for NLRC002 which intersected broad zones of disseminated and vein copper sulphides hosted in a biotite schist. Results from NLRC002 include 8m @ 0.6% copper from 33m and 9m @ 0.4% copper from 51m and 52m @ 0.7% copper from 73m including 6m @ 2.5% copper from 73m. NLRC002 was drilled in the up-plunge position to the main broad high grade zone intersected in historical hole ND012 of 52m @ 1.1% copper from 93m to bottom of hole including 27m @ 1.4% copper. The broad zones of copper mineralisation intersected in NLRC002 are open east and west and require additional drilling to test the quantum of copper gold mineralisation in this up plunge section of Nil Desperandum. The completed RC drilling has also targeted the shallow extension of the main zone mineralisation where the mineralised zone appears to bend around into a southeast striking orientation and join up with the Central Workings trend. Results from these holes are awaited. Announcement • Jun 10
Carnaby Resources Limited Provides an Exploration Update for the Greater Duchess Copper Gold Project in Mount Isa, Queensland Carnaby Resources Limited provided an exploration update for the Greater Duchess Copper Gold Project in Mount Isa, Queensland. The first batches of high priority results (selected sample intervals) have been received from the first 7 RC holes drilled at Mount Birnie. These holes are in the immediate area of the known copper mineralization at Mount Birnie. Concurrently, modelling, drill hole preparation and planning of drill targets generated from the recently completed IP survey was completed. The initial drill results at Mount Birnie have defined a continuous high-grade copper-gold ore shoot which plunges steeply to the west and remains open at depth. The high-grade copper zone is also gold rich with up to 3 m at 8.5% copper and 4.3 g/t gold from 76m intersected in MLC016. Other results received from the high grade copper zone include 4m at 4.2% copper and 1.6 g/t gold including 2m at 7.5% copper and 2.5 g/t gold from 116m and 7m at 1.9% copper from 167m including 2m at 5.3% copper and 0.8 g/t gold from 168m in MBC031 in a parallel secondary zone. Along strike from the high-grade copper zone, consistant lower grade copper mineralization forms a lateral halo to the deposit encompassing an overall strike length of greater than 150m which remains open along strike and at depth plunging steeply to the west. New results to the west of the high-grade zone include 12m at 1.1% copper from 148m including 2m at 3.0% copper from 151m in MBC024. New results to the east of the high-grade copper zone include 2m at 2.9% copper from 145m in MBC017 and 2m at 1.1% copper from 40m in MBC018. The mineralization remains open along strike with potential for further high-grade shoots to be discovered along strike and on untested parallel structures. The results received to date represent only limited selected intervals from visual logging of the RC drill chips and the majority of the drill hole sample results are yet to be received. Announcement • May 29
Carnaby Resources Limited Provides an Exploration Update for the 100% Owned Strelley Gold Project in the Mallina Basin, Pilbara, WA Carnaby Resources Limited provided an exploration update for the 100% owned Strelley gold project in the Mallina Basin, Pilbara, WA. Highlights - Strelley Project, Pilbara, Western Australia:- The recently discovered Bastion Intrusion hosted gold anomaly, potentially "Hemi style" gold mineralisation, has been extended to over 1.4 km strike length by shallow wide spaced aircore drilling. Aircore drilling has intersected the Bastion intrusion 1km to the NE of the discovery hole PLDD0005, where aircore drill hole PLAC0702 has tagged the intrusion in the last metre of the hole recording 1m @ 0.14 g/t from 26m bottom of hole (BOH). The identification of intrusion hosted gold mineralisation at Bastion has resulted in the identification of several new lookalike intrusions within the Strelley Project and has greatly increased the potential of the area. The recent discovery of intrusion hosted gold mineralisation up to 3.2 g/t gold at the Bastion Prospect in diamond drill hole tail PLDD0005 has opened up a completely new target horizon along a northeast striking corridor. Two traverses of wide spaced and shallow aircore drilling were completed 360m and 1,000m NE of PLDD0005. Both aircore lines intersected anomalous gold and arsenic within an intrusion in bottom of hole results. PLAC0702 tagged the Bastion intrusion in the last meter of the hole with a result of 1m @ 0.14 g/t gold from 26m to BOH. The Bastion intrusion trend is completely open for another 1 km NE of PLAC0702 to where the projected trend intersects the Gibraltar Prospect. The Bastion intrusion sits under approximately 7-10m of cover sequence sands masking the underlying geology /mineralisation and combined with a generally stripped weathering profile in the bedrock, results in the aircore drilling only being able to effectively tag the target horizon at wide spaced intervals. Carnaby is currently sourcing and negotiating a contract for an RC drill rig to start as soon as possible to commence a minimum 3,000m RC drilling program. Announcement • May 21
Carnaby Resources Limited Provides an Exploration Update for the Greater Duchess Copper Gold Project in Mount Isa, Queensland Carnaby Resources Limited provided an exploration update for the Greater Duchess Copper Gold Project in Mount Isa, Queensland. Highlights Greater Duchess Copper Project, Mount Isa, Queensland: Results from a pole/dipole IP/Resistivity survey at the Mount Birnie Prospect have generated several significant IP chargeability anomalies along strike and adjacent to the Mount Birnie copper deposit. A new area 500m to the south of the Mount Birnie Prospect has produced several IP chargeability anomalies across 4 consecutive lines. At the Duchess Prospect a single IP line across the Duchess, Ivanhoe and Central lodes has identified IP chargeability anomalies associated with the known lodes and identified a deep IP anomaly under the main shaft area at Duchess, which historically produced 25,155t of copper @ 12% Cu. A 4,000m RC drilling program targeting the Mount Birnie and Nil Desperandum Prospects and other key copper target areas within the Greater Duchess Copper Gold project has commenced. The Greater Duchess Copper Gold Project encompasses over 70 km of IOCG targets north of the Tick Hill gold deposit, centred around the historical Duchess copper mining district and south of Hammer Metals' (HMX) new Trafalgar copper gold discovery. Carnaby has completed a 15-line km ground Induced Polarisation (IP) pole /dipole survey at Nil Desperandum, Mount Birnie and Duchess. The IP survey was completed by Planetary Geophysics Pty Ltd. and results processed by Southern Geoscience Consultants. The results from the Mount Birnie and Duchess areas have now been processed and are presented and discussed below. Modelled chargeability and resistivity inversion sections are presented in Appendix 1. A 4,000m RC drilling program has just commenced, targeting the new IP anomalies and deposit extensions at Nil Desperandum, Mount Birnie and other key target areas within the Greater Duchess Copper Gold Project. MOUNT BIRNIE PROSPECT: Mount Birnie is a series of shallow, turn of the century historical copper workings hosted in steeply dipping NE striking lodes, last drilled by Carnaby in 2019 where results of up to 17 m @ 3.2 % copper from 84m including 3 m @ 9.3% copper from 76m and 2m @ 9.5% copper from 99m were reported. Prior to the Carnaby drilling in 2019, the only other recorded historical drilling was from 1967 where diamond drill results of up to 11m @ 7.1% copper from 84m and 13m @ 3.3% copper including 4m @ 8.6% copper from 182m were recorded . Very little drilling has been completed outside of the main workings area. Carnaby has completed an extensive 5.9 line km, 5 line pole/dipole Induced Polarisation/Resistivity survey at Mount Birnie. The results have highlighted several chargeability IP inversion anomalies (MBIP5-7) along strike and adjacent to the main known historical Mount Birnie workings area and at a new area approximately 500m south of Mount Birnie where a continuous broadly NE-SW striking chargeability anomaly has been generated over 4 consecutive IP lines. MBIP1 to MBIP4 IP Anomalies: MBIP1 to MBIP4 IP chargeability inversion anomalies appear to form a continuous IP anomaly across 4 consecutive IP lines covering a strike length of approximately 500m, striking broadly NE SW. The modelled depth of the IP anomalies varies from approximately 50 to 150m below surface (Appendix 1). The strongest recoded chargeability inversion is the from the SW end of line 6,360 from the MBIP1 IP anomaly. The source of the IP anomalies 500m south of Mount Birnie is presently unknown and is being targeted in the recently commenced RC drilling program. Announcement • May 08
Carnaby Resources Limited Provides an Exploration Update for the Greater Duchess Copper Gold Project in Mount Isa, Queensland Carnaby Resources Limited provides an exploration update for the Greater Duchess Copper Gold Project in Mount Isa, Queensland. The Greater Duchess Copper Gold Project encompasses over 70 km of IOCG targets north of the Tick Hill gold deposit, centred around the historical Duchess copper mining district and south of Hammer Metals' (HMX) new Trafalgar copper gold discovery. Carnaby has just completed a 15-line km ground Induced Polarisation (IP) pole /dipole survey at Nil Desperandum, Mount Birnie and Duchess. The IP survey was completed by Planetary Geophysics Pty Ltd. and results processed by Southern Geoscience Consultants. The results from the Nil Desperandum IP survey have been received and processed and are presented below. IP results from Mount Birnie and Duchess are being processed and will be announced shortly. Carnaby has engaged a drilling company to complete a 4,000m RC drilling program which will now commence next week targeting Nil Desperandum, Mount Birnie and Duchess. Nil Desperandum is a series of shallow historical workings over a 1.5 km strike that was last drilled in 2007 prior to the GFC. Historical drilling has intersected very significant widths and grade of copper-gold mineralisation up to 50 m @ 1.1% copper from 111m including 19m @ 2.3% copper, 0.6 g/t gold hosted by disseminations and veinlets of chalcopyrite and pyrite within a biotite schist. The main Nil Desperandum workings have been drilled over a 300m NE strike length which is completely open down plunge to the SW and at depth where an untested EM conductor plate is present 50 m below the current level of drilling. The NE strike extent of the mineralisation appears to bend around to a SE orientation where a 300 m gap in the drilling is present between results of 29 m @ 0.5 % copper from 55 m in ND016 and the central workings where limited shallow drilling has intersected up to 6 m @ 5.2 % copper and 0.84 g/t gold from 21 m. Announcement • Mar 20
Bayrock Cobalt Ltd. entered into binding sale and purchase agreement to acquire Lainejaur Project from Carnaby Resources Limited (ASX:CNB) for AUD 1.5 million. Bayrock Cobalt Ltd. entered into binding sale and purchase agreement to acquire Lainejaur Project from Carnaby Resources Limited (ASX:CNB) for AUD 1.5 million on March 18, 2021. Consideration consists of, Cash payment of AUD 0.5 million at settlement subject to completing Conditions Precedent which includes establishment of a new Swedish subsidiary to facilitate the transfer of the project and other customary conditions for this type of transaction, issue of an unsecured convertible note with a face value of AUD 0.5 million convertible into securities of an initial public offer (IPO) or cash equivalent payable within 18 months from settlement and issue of an unsecured convertible note with a face value of AUD 0.5 million convertible into securities of the purchaser or cash equivalent payable within 36 months from settlement. Announcement • Mar 04
Carnaby Resources Limited Commences 8,000 m Drilling Program At Strelley Carnaby Resources Limited to announce the start of an 8,000 m diamond, aircore and reverse circulation (RC) drilling program at the 100% owned Strelley Gold Project, Mallina Basin, Pilbara region of Western Australia. A standout target is the Stockade Prospect where diamond drilling has just commenced targeting the greater than 1 km long gold mineralised corridor where shallow aircore results of up to 2m @ 2.2 g/t gold from 6m including 1m @ 3.9 g/t gold from 7m in PLAC0032 have been intersected and are completely open. Diamond drilling will also be completed on a second mineralised trend defined approximately 1km to the northwest where a single RC hole PLRC0005 intersected a broad gold mineralised zone which appears to be increasing in gold grade down hole with results of 0.5 g/t gold bottom of hole. This hole will be extended with a diamond tail. The drilling completed at Stockade in the first phase of drilling in late 2020 was on very broad spacing averaging approximately 200 m drill line traverses and 80 m hole spacing. At completion of the current diamond drilling program a comprehensive infill aircore and RC drilling program will be completed along the Stockade mineralised corridor. Announcement • Feb 18
Carnaby Resources Limited Provides an Exploration Update on Its Greater Duchess Copper Gold Project in Mt Isa, Queensland Carnaby Resources Limited provided an exploration update on its Greater Duchess Copper Gold Project in Mt Isa, Queensland. Carnaby Resources Limited provided The Greater Duchess Copper Gold Project encompasses over 70 km of IOCG targets north of the Tick Hill gold deposit, centred around the historical Duchess copper mining district. The IOCG mineralisation is structurally controlled and hosted within the Mary Kathleen group rocks that host numerous copper deposits including the new Trafalgar copper-gold discovery by Hammer Metals (HMX) to the north. The Greater Duchess Copper Gold project includes numerous shallow IOCG sits in a camp scale setting. Individual deposits within the project include Nil Desperandum, unt Birnie, Duchess, Big Beauty, Freckle and numerous other target areas of shallow historical workings, large soil anomalies and undrilled outcropping mineralisation. Potential exists to define several shallow open pittable resources that can be amalgamated into a single mining project and hauled to nearby processing facilities at either Mt Isa, Cloncurry or Osborne or to discover a large stand alone IOCG deposit. Carnaby intends to complete ground Induced Polarisation (IP) surveys followed up with RC drilling at several h priority targets including Nil Desperandum and Mount Birnie in 2021. Recent petrophysical work on diamond core from Mount Birnie and other historical reports has highlighted that IP generates a strong response to the sulphide mineralisation as opposed to traditional electromagnetic (EM) techniques which appear to be less effective. The Greater Duchess Copper Gold project is also prospective for Tick Hill style high grade gold mineralisation which is considered to be an epigenetic end member IOCG deposit. Exploration will continue at the Tick Hill near mine and regional high grade gold targets in 2021. Nil Desperandum is a series of shallow historical workings over a 1.5 km strike that was last drilled in 2007 prior to the GFC. Historical drilling has intersected very significant widths and grade of copper-gold mineralisation characterised by disseminations and veinlets of chalcopyrite and pyrite within a biotite schist. Significant historical drill results include; ND010: 20 m @ 2.4 % Cu, 0.27 g/t Au from 111 m; ND012 52 m @ 1.0 % Cu, 0.15 g/t Au from 93 m to BOH inc 24 m @ 1.5 % Cu from 113 m; NDR013: 67 m @ 0.8 % Cu from 101 m inc 16 m @ 2.0 % Cu, 0.2 g/t Au from 150m; ND016: 29 m @ 0.5 % Cu from 55 m; NDR017: 50 m @ 1.1 % Cu, 0.22 g/t Au from 111 m inc 19 m @ 2.3 % Cu, 0.56 g/t Au from 112 m; NDR021: 12 m @ 2.7 % Cu, 0.43 g/t Au from 15 m inc 6m @ 5.2% Cu and 0.84 g/t; Au from 21 m. The main Nil Desperandum workings have been drilled over a 300m NE strike length which is completely open down plunge to the SW and at depth where an untested EM conductor plate is present 50 m below the current level of drilling. The NE strike extent of the mineralisation appears to bend around to a SE orientation where a 300 m gap in the drilling is present between results of 29 m @ 0.5 % copper from 55 m in ND016 and the central workings where limited shallow drilling has intersected up to 6 m @ 5.2 % copper and 0.84 g/t gold from 21 m. The historical workings and surface geochemical anomalies continue for another 900 m to the SE where only 2 shallow holes have been drilled historically. Carnaby will complete IP surveys and RC drilling commencing in Second Quarter aiming to complete an initial resource estimate by years end. Mount Birnie is located 4 km north of the Tick Hill gold deposit. In 2019 Carnaby completed RC and diamond drilling targeting the Mount Birnie workings area where 50 year old historical diamond drill results had reported up to 11.7 m @ 7.1% copper. The drilling by Carnaby intersected three zones of very high grade copper-gold mineralisation of 2 m @ 3.2% Cu and 3 m @ 9.3% copper and 1.0 g/t gold and 2 m @ 9.5% copper within a broader envelope that assayed 17 m @ 3.1% copper from 84 m in MBC006. Shallow RC holes were drilled up dip of the historical drilling immediately below the surface workings intersecting a broad and continuous steeply dipping lode with results up to 15 m @ 2.1% copper from 24 m including 6 m @ 4.4% copper and 0.5 g/t gold. The mineralisation at Mount Birnie remains open at depth and along strike where a sub parallel lode was intersected in MBC004 of 21 m @ 0.9 % copper from 13 m including 8m @ 1.8 % copper from 20m. The mineralisation also remains open at depth where historical drill hole DDH10 intersected 4.2 m @ 3.9 % copper from 176.9 m. Carnaby plans to complete an IP survey at Mount Birnie followed by additional RC /diamond drilling in 2021. A summary of significant results from Mount Birnie are: MBC00215 m @ 2.1 % Cu from 24 m inc 6 m @ 4.4 % Cu, 0.5 g/t Au from 33 m; MBC004: 21 m @ 0.9 % Cu from 13 m inc 8 m @ 1.8 % Cu from 20 m; MBC006 2m @ 3.2 % Cu from 53 m and 17 m @ 3.1 % Cu from 84 m inc 3 m @ 9.3% Cu, 1.0 g/t gold from 88 m and 2 m @ 9.5 % Cu from 99 m; DDH03 11.7m @ 7.1 % Cu from 84.1 m; DDH06 13m @ 3.3 % Cu from 172.8 m inc 4.1m @ 8.5% Cu from 181.6 m; DDH10 4.2 m @ 3.9 % Cu from 176.9 m. The historical Duchess mine was discovered in 1900 and was worked for 40 years producing 205kt @ 12% copper. The only known drilling of the lode was in 2006 by Barrick who completed shallow RC drilling along strike of the workings intersecting 3m @ 1.7% copper. Is New 90 Day High Low • Feb 15
New 90-day low: AU$0.23 The company is down 49% from its price of AU$0.46 on 17 November 2020. The Australian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 17% over the same period. Announcement • Feb 09
Carnaby Resources Limited Provides Exploration Update for the Malmac Project in the Northern Yilgarn Margin of Western Australia Carnaby Resources Limited provided an exploration update for the 100% owned Malmac project in the Northern Yilgarn Margin of Western Australia. The Malmac West tenement covers 438 km2 of Stanley Fold Belt rocks located on the northern edge of the Yilgarn craton located 200 km east of the Degrussa copper-gold deposit and the 7.5 Moz Plutonic gold deposit. The Stanley Fold Belt rocks are bounded to the north by a major crustal scale growth fault named the Salvation Fault. Historical exploration on the tenement is limited to a small reconnaissance type RAB drill program by WMC resources in 1978 who completed 1-2 km spaced RAB holes. The drilling intersected widespread anomalous zinc in numerous holes along the Salvation Fault. Historical regional reconnaissance mapping completed by Geopeko in 1984 recorded outcrop of pillow basalts on the tenement. A total of only 8 rock chips have been recorded over an area of 438 km2 of which 5 recorded higher than 200 ppm copper and up to 621 ppm gold and 0.04 g/t gold. The Malmac area represents an extremely underexplored inlier of Archaean granite-dominated Yilgarn Craton rocks located on the northern side of the Palaeoproterozoic Earaheedy Basin and remarkably no exploration has been completed on the tenement since the discovery of the Degrussa copper-gold deposit in 2009. The company has completed a first pass reconnaissance sampling program on broad 2 to 4 km spaced traverses comprising 48 rock chip samples and 111 soil samples at 500m spacing analysed using Ultrafine multielement analysis at Labwest. A further 39 readings of outcrop were taken by a portable Olympus Vanta VMR XRF analyser. The results of this work have outlined a 6km long Copper-Nickel-Gold anomaly named Salvation and include results up to 1380 ppm copper and 489 ppm Nickel reported from lab analysis of rock chip samples. Elevated gold results of up to 7.2 ppb gold in soils was also recorded from samples taken at Salvation. The 489 ppm Ni rock chip result was sourced from a weathered and altered pillow basalt outcrop of mafic volcanic rocks potentially equivalent to the Narracoota Volcanics in the Byrah Basin. The little known pillow basalt unit is not recorded in any government publications or geological maps and has only been noted in a single historical exploration report by Geopeko in 1984 who mapped the pillow basalt occurrence. The presence of pillow basalt in the Troy Creek Bed rocks of the Stanley Fold Belt is a key geological criterion for the potential formation of Volcanic Hosted Massive Sulphide (VHMS) similar to the Degrussa copper-gold deposit and underlies the previously overlooked and emerging potential at Malmac. A structural review of the Malmac area has also been completed by structural specialist Brett Davis who highlights a complex structural setting dominated by an inferred thrust duplex setting that is also considered to be prospective for orogenic gold mineralisation. MALMAC EAST E69/3510 and E69/3702: The Malmac East tenements are situated on the South East extension of the major crustal scale Salvation Fault. First pass reconnaissance mapping and sampling on broad 2 to 4 km spaced traverses totalling of 175 soils samples were submitted for Ultrafine analysis at Labwest covering a suite of 52 elements including gold analysed at trace level detection limit. The soil sampling has outlined a 15 km long copper-nickel-gold soil anomaly named Oolgahroo which appears to be coincident with the Salvation Fault. With very low background levels, the anomaly is coherent with maximum values for Cu, Ni and Au of 73.8 ppm, 55 ppm and 3.3 ppb respectively. The sample spacing over Oolgahroo was extremely broad with 4 km spaced lines and samples taken every 500m along the lines. Follow up exploration is being planned for the 2021 field season. Announcement • Jan 29
Carnaby Resources Limited Provides Exploration Update on Compelling Strelley and Tick Hill Drill Results Carnaby Resources Limited provided an exploration update for the 100% owned Strelley and Tick Hill gold projects in the Mallina Basin, Pilbara, WA and Mt Isa, Qld regions. At Stockade shallow aircore and reverse circulation (RC) drill results have identified a >1 km long gold mineralised corridor on broad 200m spaced drilling open to the north. Results include; PLAC0032 2m at 2.15 g/t gold inc 1 m at 3.85 g/t from 7m; PLRC0003 7m at 0.68 g/t gold inc 2m at 1.6 g/t from 20m; PLRC0004 6m at 0.63 g/t gold from 89m. At Palisade shallow and wide spaced aircore drilling has defined a 4 km long gold anomaly along the Berghaus Shear Zone. Results include; PLAC0261 3m at 0.33 g/t gold inc 1 m at 0.65 g/t from 17m; PLAC0292 1m at 0.45 g/t gold from 16 m; PLAC0302 1m at 1.08 g/t gold from 42 m; At Tick Hill, RC drilling into the northern wall of the pit Wall has confirmed the high grade extension of the Tick Hill Main lode. Results include; CBC037 1m at 12.45 g/t gold from 82m; CBC038 1m at 7.95 g/t gold from 92m; CBC033 3m at 2.30 g/t gold from 85m. Is New 90 Day High Low • Jan 28
New 90-day low: AU$0.28 The company is down 45% from its price of AU$0.50 on 30 October 2020. The Australian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 27% over the same period. Announcement • Dec 30
Carnaby Resources Limited Provides Tick Hill Tailings Dam Sale Update Carnaby Resources Limited provided update regarding the Tick Hill Tailings Dam Sale. $500,000 cash payment received as part of upfront consideration ($3.25M cash received to date). $750,000 remaining cash payment to be received 44 days after full scale commercial production of the tailings commences (forecast late January 2021). 6,000 tonne bulk metallurgical sample pit successfully collected and processed. Preliminary mill feed sample results and quality control sampling shows positive grade and ounce reconciliation to resource model (23% higher grade than the resource model) 5% royalty payment from tailings processing (estimated to be approximately $2M3) to start being received in January 2021. Strong consolidated cash position of $9.1M (cash at 31 October 2020 plus the $500,000 cash just received) puts Carnaby in an enviable position to be able to fund ongoing exploration programs and growth opportunities into the future. Announcement • Dec 24
Carnaby Resources Limited Provides an Update for the Mallina Basin Projects in the Pilbara of Western Australia Carnaby Resources Limited provided an update for the Mallina Basin projects in the Pilbara of Western Australia. Highlights: Key Land Access Agreement signed for the Strelley Project. The agreement provides access to the highly prospective southern extension of the Stockade Prospect for the first time where several high priority targets exist. Results from recently completed Aircore and RC drilling at Strelley and Tick Hill are eagerly awaited. An RC drill rig has been secured to start a phase 2 drilling program in late January 2021. Ground holdings in the Mallina Basin have increased to 442 km2 as a result of the 100% acquisition of the "Big Hill" tenement from privately held Lawla Resources Pty Ltd. Consideration for Big Hill comprises 95,239 fully paid Carnaby Shares and a 1% NSR royalty. The Big Hill project is contiguous with Carnaby's 100% owned Strelley project located along the Berghaus Shear Zone. Carnaby has increased its land holdings in the Mallina Basin of the Pilbara in Western Australia to 442 km with the 100% acquisition of granted exploration license E45/4801 named the Big Hill Project. Carnaby and Strelley Housing Incorporated have signed a Land Access Agreement allowing Carnaby access to a key area of Special Lease N101498 covering the southern extent of the Tabba Tabba Shear Zone greenstone belt within the Strelley tenement E45/4638. The special lease is an area of freehold land associated with the Strelley School and Strelley community. Carnaby is committed to good working relations with the local community and will be completing further heritage surveys early in the new year prior to drilling. The Strelley Special Lease contains over 2 km strike of the main Tabba Tabba Shear Zone including the southern part of the Stockade prospect where historical results up to 1 m @ 6.65 g/t gold and 8 m @ 0.69 g/t gold including 3m @ 1.82 g/t gold have been intersected in wide spaced RC drilling. The Stockade gold anomaly is also coincident with a large and high tenor arsenic anomaly. Other targets within the special lease area include an end of line historical RAB anomaly of 1 m @ 0.89 g/t gold from 5m and a distinct "Intrusive style" magnetic high anomaly located a further 1 km to the north. Other targets include the western edge of the Tabba Tabba Greenstone where historical RAB hole STAC149 intersected 1 m @ 0.1 g/t gold from 14 m to bottom of hole on 250-500m hole spacing and open for greater than 1 km along strike north and south. Announcement • Dec 23
Carnaby Resources Limited (ASX:CNB) acquired Exploration License E45/4801 from Lawla Resources Pty Ltd for AUD 0.03 million. Carnaby Resources Limited (ASX:CNB) acquired Exploration License E45/4801 from Lawla Resources Pty Ltd for AUD 0.03 million on December 23, 2020. As per the transaction, Carnaby Resources Limited issued 0.095 million consideration shares and 1% NSR Royalty.
Carnaby Resources Limited (ASX:CNB) completed the acquisition of Exploration License E45/4801 from Lawla Resources Pty Ltd on December 23, 2020. Is New 90 Day High Low • Dec 16
New 90-day low: AU$0.30 The company is down 3.0% from its price of AU$0.32 on 17 September 2020. The Australian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 8.0% over the same period. Announcement • Oct 18
Carnaby Resources Limited Commences Drilling in the Mallina Basin Carnaby Resources Limited to announce the commencement of a 400 hole, 8,500 m aircore drilling program at its 100% owned Strelley project in the Mallina Basin, Pilbara of Western Australia. The initial aircore drilling program will be completed on a nominal 320 x 80 m spacing across several priority targets including the Palisade target where a 300-500m wide bottom of hole gold anomaly is open in all directions. Results from the Aircore drilling will be prioritised and will be immediately followed up by a second drill rig which will initiate a 3,500 m RC program, for deeper drill testing of the high priority targets starting in mid-November 2020. Carnaby has also locked in a 3 RC /Diamond drill rig to commence diamond drilling targeting the highly prospective Tick Hill North offset target in Qld coupled with an RC program targeting the direct extension of the Tick Hill main lode into the northern wall of the historical open pit. The Tick Hill drilling is expected to commence in mid-November 2020. Announcement • Oct 12
Carnaby Resources Limited Receives Tick Hill Tailings Dam Extraction Permit Carnaby Resources Limited (Carnaby or the Company) announced that the amendment to the Tick Hill mining lease permit has been approved for the extraction of the historical tailings dam stockpiles. The received permit for the tailings dam will now result in a further $1.5 million cash payment being received by Carnaby under the sale agreement with BIM Metals Pty Ltd. (BIM). Site works by BIM are expected to commence shortly with first ore extraction from the tailings dam stockpile anticipated to occur in late October 2020 which will result in the final upfront cash payment of $1.25 million being received. Carnaby also looks forward to receiving additional payments from a 5% net smelter return gold royalty for all gold produced from the stockpiles. Is New 90 Day High Low • Oct 12
New 90-day high: AU$0.39 The company is up 208% from its price of AU$0.13 on 14 July 2020. The Australian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 3.0% over the same period. Announcement • Sep 09
Carnaby Resources Limited announced that it expects to receive AUD 3 million in funding Carnaby Resources Limited (ASX:CNB) announced a private placement of 10,000,000 shares at a price of AUD 0.3 per share for gross proceeds of AUD 3,000,000 on September 9, 2020. The transaction will include participation from existing and new institutional and sophisticated investors. The tranche 1 placement will consists of approximately 8,800,000 shares to raise AUD 2,640,000 and tranche 2 will consists of approximately 1,200,000 shares to raise AUD 360,000. Directors will participate for tranche 2 shares. The tranche 2 is subject to completion of tranche 1 and shareholder's approval. The general meeting to approve the Tranche 2 placement is expected to be held at the end of October 2020. The payment date for tranche 1 placement is September 15, 2020 and for tranche 2 is October 29, 2020. 
